In recent years, Vietnam has emerged as an increasingly important player in the global energy landscape. Rapid industrialization, strong economic growth, and rising energy consumption have significantly increased the country’s demand for petroleum resources. As a result, Vietnam crude oil imports have expanded dramatically, transforming the country from a traditional crude exporter into a major importer.
Historically, Vietnam was known for exporting crude oil from its offshore fields, particularly those located in the Cuu Long Basin. However, declining production from mature fields combined with growing domestic refinery capacity has reshaped the country’s oil trade dynamics. According to the latest vietnam crude oil import data and global trade statistics, Vietnam imported crude oil worth approximately $8.1 billion in 2024, marking a significant increase compared to previous years.
This transformation reflects a structural shift in Vietnam’s energy sector. Domestic production is declining, while demand for refined petroleum products continues to rise due to expanding transportation networks, industrial development, and growing petrochemical industries. Consequently, vietnam crude oil imports are expected to remain a crucial component of the nation’s energy strategy in the coming years.
Vietnam’s Transition from Oil Exporter to Importer
Vietnam’s crude oil industry has undergone a remarkable transition over the last decade. Once recognized as a reliable exporter of crude oil in Southeast Asia, the country has gradually moved toward becoming a net importer.
Data from vietnam customs data and international energy reports highlight the scale of this shift. In 2024, Vietnam’s crude oil production dropped to approximately 8.1 million tonnes, representing a decline of more than 6% compared to 2023. At the same time, crude oil exports from Vietnam fell nearly 10%, while imports surged beyond $8 billion.
The primary reason behind this transformation lies in the natural decline of mature offshore oil fields. The famous Bach Ho (White Tiger) oil field, once the backbone of Vietnam’s crude production, is now producing far below its peak capacity. Although exploration activities continue, most new discoveries are smaller and technically challenging to develop.
As a result, vietnam imports of crude oil have increased substantially to supply domestic refineries. The country’s energy policy now focuses on importing crude feedstock, refining it locally, and meeting the growing domestic demand for petroleum products.
Vietnam Crude Oil Imports by Countries
One of the most important aspects of the crude oil market is identifying the key suppliers that support Vietnam’s energy needs. The analysis of Vietnam Crude Oil Import by countries reveals a strong reliance on a limited number of suppliers, particularly from the Middle East and Africa.
The top suppliers of vietnam crude oil imports in 2024–25 include:
Kuwait
Kuwait dominates the Vietnamese crude supply market, accounting for approximately $6.99 billion or 86.2% of total imports. Long-term supply agreements between Kuwait and the Nghi Son Refinery ensure consistent shipments of medium-sour crude oil.
Azerbaijan
Azerbaijan ranks second, exporting around $436 million worth of crude oil to Vietnam. Although its share is relatively small, it remains an important alternative supplier.
Nigeria
Nigeria exported about $433 million worth of crude oil to Vietnam, representing 5.3% of imports. Nigerian crude is often used for blending purposes within Vietnamese refineries.
Taiwan
Taiwan supplied crude oil worth approximately $50 million, contributing a modest portion to Vietnam’s overall imports.
Brunei
Brunei exported roughly $55 million worth of crude oil to Vietnam. Its geographic proximity provides logistical advantages for certain shipments.
Libya
Libya accounted for around $35 million in exports to Vietnam despite challenges within its domestic oil sector.
United Arab Emirates (UAE)
The UAE supplied approximately $30 million worth of crude oil, highlighting its continued presence in the global energy market.
United States
The United States contributed about $25 million in crude oil exports to Vietnam, representing an emerging trade relationship.
Russia
Russia exported around $20 million worth of crude oil to Vietnam.
Angola
Angola rounded out the list with exports valued at about $15 million.
This diversified supplier base plays an important role in ensuring energy security and supporting the operations of vietnam crude oil importers across the country.
Vietnam Crude Oil Imports in the Last Decade
Over the past decade, the value of vietnam crude oil imports has shown a dramatic upward trend. Historical trade statistics demonstrate how rapidly the country’s import dependence has increased.
In 2014, Vietnam imported crude oil worth approximately $516 million. The value fluctuated in the following years but began to grow rapidly after 2017. By 2018, imports had already reached $2.91 billion, reflecting increased refinery operations.
The upward trajectory continued:
2019: $3.80 billion
2020: $3.84 billion
2021: $5.03 billion
2022: $7.25 billion
2023: $6.54 billion
2024: $8.10 billion
These figures from vietnam crude oil import data highlight how refinery expansion and rising energy demand have driven consistent growth in import volumes.
Vietnam Crude Oil Import Volumes and Market Overview
In 2024–25, Vietnam imported approximately 9.1 million tonnes of crude oil, valued at about $8.1 billion. Compared to the previous year, this represented significant growth in both volume and value.
According to vietnam customs data, the surge reflects a combination of higher global oil prices and increased feedstock requirements for domestic refineries. While imports increased, exports declined from nearly $2 billion in 2023 to around $1.7 billion in 2024.
Vietnam is now retaining more crude oil domestically to support refining operations instead of exporting it in raw form. This shift has created new opportunities for vietnam crude oil importers, including trading companies, refineries, and energy distributors.
Supplier Dynamics and Import Trends
Supplier patterns within vietnam crude oil imports reveal a clear hierarchy dominated by Kuwait.
During the first eight months of 2024:
Kuwait supplied nearly 7.9 million tonnes of crude oil worth about $4.9 billion.
Nigeria delivered around 525,000 tonnes valued at $352 million.
Brunei exported roughly 82,000 tonnes worth $55 million.
Kuwait’s overwhelming share is closely linked to long-term supply contracts with the Nghi Son Refinery. These agreements ensure stable crude supply while also strengthening diplomatic and economic ties between the two countries.
Monthly trade trends also show fluctuations. For example, in February 2025, Vietnam imported crude oil worth $804.8 million, with Kuwait providing nearly 80% of the total supply.
Key Factors Driving Vietnam’s Crude Oil Imports
Several structural factors are driving the growth of vietnam crude oil imports.
Declining Domestic Production
Vietnam’s offshore oil reserves are maturing. Production from key fields continues to decline, reducing the country’s ability to meet domestic demand through local extraction.
Expanding Refinery Capacity
Vietnam has invested heavily in refining infrastructure. Major facilities such as the Dung Quat Refinery and the Nghi Son Refinery require significant volumes of crude oil to maintain operations.
Rising Energy Consumption
Economic growth averaging around 6–7% annually has increased demand for transportation fuels, petrochemicals, and industrial energy.
Strategic Supply Agreements
Long-term supply partnerships with countries like Kuwait provide stable feedstock for refineries, while smaller suppliers offer diversification options.
Key Industry Players in Vietnam’s Oil Sector
Vietnam’s oil industry includes several important domestic and international participants.
PetroVietnam (PVN) is the state-owned energy giant responsible for managing most upstream and downstream operations. Its subsidiaries, including PetroVietnam Exploration and Production (PVEP) and PetroVietnam Oil Corporation (PV Oil), play major roles in exploration, trading, and import activities.
Companies such as Binh Son Refining and Petrochemical (BSR) operate major refining facilities and are among the largest vietnam crude oil importers in the country.
International partners also play a vital role. Firms such as Idemitsu Kosan, Kuwait Petroleum International, and Zarubezhneft contribute to refining operations and offshore exploration projects.
Strategic Outlook for Vietnam’s Oil Market
Looking ahead, the outlook for vietnam crude oil imports remains strong. With the planned expansion of refining and petrochemical facilities, demand for imported crude is expected to grow steadily through 2030.
Vietnam is also working to diversify its supplier base. While Kuwait will likely remain the dominant source, the country is increasingly exploring supply options from the United States, Africa, and Southeast Asia.
The first purchase of U.S. crude oil in 2025 signals a strategic shift toward broader trade partnerships. This diversification helps reduce risks associated with geopolitical instability and price volatility.
Challenges and Risks
Despite its growth, the Vietnamese crude oil market faces several challenges.
Global oil price volatility can significantly affect the cost of imports. In addition, geopolitical tensions in key oil-producing regions could disrupt supply chains.
Another major concern is the continued decline in domestic production. Without major new discoveries, reliance on imported crude will continue to increase, placing pressure on the country’s trade balance.
Nevertheless, with strong economic growth and expanding industrial activity, vietnam crude oil importers will continue to play an essential role in supporting the country’s energy needs.
Conclusion
Vietnam’s energy landscape has undergone a dramatic transformation in recent years. The country has evolved from a crude oil exporter into a rapidly growing importer as domestic production declines and refinery capacity expands.
Data from vietnam crude oil import data, global trade statistics, and vietnam customs data confirms that crude imports now play a central role in the nation’s energy supply. Kuwait has emerged as the dominant supplier, while countries such as Nigeria, Azerbaijan, and the United States contribute smaller volumes.
Looking ahead, vietnam crude oil imports are expected to increase steadily as the country’s economy continues to grow. With rising demand for refined petroleum products and expanding refinery infrastructure, imports will remain a critical component of Vietnam’s energy strategy.
For businesses and market analysts, monitoring Vietnam Crude Oil Import by countries, supplier trends, and the activities of leading vietnam crude oil importers will provide valuable insights into one of Southeast Asia’s most dynamic energy markets.
For the latest trade intelligence, customized reports, and detailed insights into vietnam imports, businesses can access reliable data through professional trade data providers specializing in global import-export statistics.
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