Vietnam Crude Oil Imports in 2024-25: Detailed Analysis and Market Research

Introduction: Vietnam’s Energy Shift

In recent years, Vietnam has emerged as one of the key players in the global crude oil market. The country's rapid industrialization and economic growth have led to a significant increase in its demand for crude oil. As a result, Vietnam has become a major importer of crude oil, relying heavily on imports to meet its growing energy needs. Vietnam’s crude oil market has entered a new phase. According to the Vietnam import data and Vietnam crude oil import data, the total value of Vietnam crude oil imports reached $8.1 billion in 2024, a 5% increase from the previous year. Once a net exporter of crude, Vietnam has transitioned into a net importer, driven by declining domestic production and rising demand for refined petroleum products, as per the global trade data. This change is structural rather than cyclical: upstream oil output has been trending downward for years, while domestic refinery capacity and consumption have expanded. This article will provide a detailed analysis of Vietnam's crude oil imports in 2024-25, along with a market research overview.

The numbers tell the story clearly:

• Crude production in 2024 dropped to around 8.1 million tonnes, down more than 6% compared to 2023.

• Vietnam Crude exports fell nearly 10%, while crude oil import value surged to over 8 billion USD, more than triple the previous year.

• Monthly trade data from early 2025 shows consistent import volumes, with Kuwait supplying the bulk, while smaller shipments came from Nigeria, Brunei, and newly, the United States.

The implications are significant. Vietnam’s refining sector, built to reduce reliance on imported refined fuels, has instead made the country dependent on imported crude feedstock. This shift will continue as downstream capacity grows and domestic oil fields decline.

Vietnam Crude Oil Imports by Country: Where Does Vietnam Import Crude Oil From? 

Vietnam's crude oil imports come from various countries, supporting the nation's energy needs. Major sources include Kuwait, Azerbaijan, Nigeria, and Russia. These imports play a crucial role in Vietnam's energy sector, ensuring a stable supply of crude oil for the country's refineries and industries. Being a vital component of Vietnam's economy, the country strategically diversifies its sources to ensure energy security. The top 10 import partners of Vietnam crude oil imports, as per Vietnam crude oil imports by country and Vietnam shipment data for 2024-25, include: 

Vietnam Crude Oil Imports by Country: Where Does Vietnam Import Crude Oil From? 2024-25

1. Kuwait: $6.99 billion (86.2%)

Kuwait stands out as the top country from which Vietnam imported crude oil in 2024-25, accounting for a staggering $6.99 billion, which makes up 86.2% of the total crude oil imports by Vietnam during this period, as per the customs data on Vietnam crude oil imports from Kuwait by HS code. Kuwait has been a reliable source of crude oil for Vietnam, providing a substantial portion of the country's energy needs.

2. Azerbaijan: $436 million (5.4%)

In second place is Azerbaijan, with a total export value of $436 million, accounting for 5.4% of Vietnam's crude oil imports. Despite being a smaller player compared to Kuwait, Azerbaijan still plays a significant role in meeting Vietnam's energy demands through its crude oil exports.

3. Nigeria: $433 million (5.3%)

Nigeria follows closely behind Azerbaijan, with a total export value of $433 million, making up 5.3% of Vietnam's crude oil imports. Nigeria has been a key supplier of crude oil to Vietnam, contributing to the country's energy security and economic development.

4. Taiwan: $50 million (0.6%)

Taiwan is another important source of crude oil for Vietnam, with a total export value of $50 million, accounting for 0.6% of Vietnam's total crude oil imports in 2024-25. Despite being a smaller player in the market, Taiwan plays a role in diversifying Vietnam's sources of crude oil imports.

5. Brunei: $55 million (0.7%)

Brunei is a minor player in Vietnam's crude oil imports, with a total export value of $55 million, making up 0.7% of the total imports in 2024-25. While Brunei's contribution may be smaller compared to other countries, it still plays a part in meeting Vietnam's energy needs.

6. Libya: $35 million (0.4%)

Libya is another country from which Vietnam imported crude oil in 2024-25, with a total export value of $35 million, accounting for 0.4% of the total imports. Despite facing challenges in its oil industry, Libya continues to supply crude oil to countries like Vietnam.

7. UAE: $30 million (0.4%)

The United Arab Emirates (UAE) provided Vietnam with $30 million worth of crude oil in 2024-25, making up 0.4% of the total imports. The UAE is known for its oil-rich reserves and plays a significant role in meeting global energy demands.

8. USA: $25 million (0.3%)

Even the United States plays a small part in Vietnam's crude oil imports, providing $25 million worth of crude oil in 2024-25, accounting for 0.3% of the total imports. The USA, despite being a major oil producer, still contributes to Vietnam's energy mix.

9. Russia: $20 million (0.2%)

Russia is another player in Vietnam's crude oil imports, with a total export value of $20 million, making up 0.2% of the total imports in 2024-25. Russia's vast oil reserves make it a key player in the global oil market.

10. Angola: $15 million (0.2%)

Finally, Angola rounds up the list of countries from which Vietnam imported crude oil in 2024-25, with a total export value of $15 million, accounting for 0.2% of the total imports. Angola's oil industry contributes to meeting Vietnam's energy demands.

Vietnam Crude Oil Imports in the Last 10 Years: Yearly Vietnam Crude Oil Import Data

Vietnam Crude Oil Import Volumes, Values, and Suppliers

Full-Year 2024

In 2024-25, Vietnam imported approximately 9.1 million tonnes of crude oil, valued at 8.1 billion USD, as per Vietnam imports data 2025. Compared to 2023, this represented growth of more than 230% in value and over 20% in volume. This surge reflects both higher prices and a larger import requirement for refineries.

Exports, by contrast, fell from nearly 2 billion USD in 2023 to about 1.7 billion USD in 2024. Vietnam is keeping more crude at home for refining, rather than shipping it abroad.

First Eight Months of 2024

• Volume imported: 9.1 million tonnes (crude oil importing to Vietnam increased)

• Value: 5.7 billion USD

• Year-on-year growth: 23.3% in volume, 26.7% in value

Supplier Breakdown

1. Kuwait

• Supplied nearly 7.9 million tonnes of crude oil in the first eight months of 2024.

• Value: 4.9 billion USD.

• Growth: 32% increase in volume and 37% in value compared to 2023.

• Average price: about 624 USD per tonne, 5% higher year-on-year.

• Share: Around 85–90% of Vietnam’s total imports, reflecting long-term supply agreements tied to the Nghi Son Refinery.

2. Nigeria

• Supplied over 525,000 tonnes, valued at roughly 352 million USD.

• Nigeria’s share is small but consistent, offering heavier crude grades for blending.

3. Brunei

• Delivered over 82,000 tonnes, worth more than 55 million USD.

• Smaller and irregular supplier, but offers proximity advantages.

4. Others (spot markets)

• Combined volumes fluctuate monthly. Includes one-off or opportunistic purchases when prices and transport logistics align.

Early 2025 Import Patterns

• February 2025: Imports reached 804.8 million USD, up more than 30% from January. Kuwait alone contributed about 80% of the total.

• July 2025: Imports dipped slightly to 552.7 million USD. Kuwait remained dominant (about 420 million USD worth), while Nigeria contributed 82 million USD, and Brunei’s shipments were absent that month.

Observation: Despite monthly fluctuations, the structural trend is clear: Kuwait anchors Vietnam’s crude supply, while Nigeria and Brunei serve as secondary sources.

Why Vietnam Crude Oil Imports Are Rising

Several interlinked factors explain the sharp increase in crude imports in 2024–25:

Declining Domestic Production

• Vietnam’s offshore oil fields, particularly in the Cuu Long Basin, are mature and in decline.

• Bach Ho (White Tiger), once the country’s flagship oil field, is producing at a fraction of its peak.

• New discoveries are smaller and more technically challenging, limiting future growth.

• In 2024, production fell by about 6%, and the downward trend is expected to continue.

Refinery Expansion

Vietnam has invested heavily in downstream capacity to reduce imports of refined fuels. The two main refineries are:

• Dung Quat Refinery: Vietnam’s first refinery, operating since 2009.

• Nghi Son Refinery: A much larger facility with a design capacity of 200,000 barrels per day, heavily dependent on Kuwaiti crude.

A third, Long Son Petrochemical Complex, is under development, which will further increase demand for imported crude once operational.

Growing Domestic Demand

• Vietnam’s transport sector, petrochemical industry, and industrial base continue to expand, pushing refined product demand higher.

• Economic growth averaging 6–7% annually is translating into higher energy consumption.

Strategic Sourcing and Trade Partnerships

• Long-term supply contracts with Kuwait ensure stability and secure feedstock for Nghi Son Refinery.

• Nigeria and Brunei are used for diversification, price hedging, and technical blending.

• In 2025, Vietnam made its first U.S. crude purchase of the year: 1 million barrels of WTI, signaling a willingness to diversify beyond the Middle East.

Industry Players and Infrastructure

Key Domestic Players

• PetroVietnam (PVN): State-owned oil and gas group, central to upstream and downstream activities.

• PetroVietnam Exploration and Production (PVEP): Manages exploration and domestic oil field development.

• Binh Son Refining and Petrochemical (BSR): Operator of Dung Quat refinery, and buyer of imported crude.

• PetroVietnam Oil Corporation (PV Oil): Handles trading, distribution, and some import operations.

• Vietsovpetro: A joint venture between PetroVietnam and Russia’s Zarubezhneft, operating the Bach Ho field.

International Partners

• Idemitsu Kosan (Japan) and Kuwait Petroleum International: Key shareholders in Nghi Son Refinery.

• ExxonMobil: Developing the Ca Voi Xanh (Blue Whale) gas field, although focused more on gas than crude.

• Zarubezhneft, Eni, Pharos Energy: Active in offshore exploration.

Strategic Outlook 2025–2030

Refining Growth

• With Long Son and potential expansions of Nghi Son, crude oil import needs will rise further.

• Vietnam’s refineries are configured for specific grades, especially Kuwaiti medium-sour crude, which explains the heavy reliance on Kuwait.

Import Diversification

• The first 2025 U.S. crude purchase marks a turning point. While Kuwait will remain the backbone, Vietnam is opening doors to U.S., African, and Southeast Asian suppliers.

• This diversification is partly economic, partly geopolitical, as Vietnam strengthens trade links with the U.S. to balance its dependence on the Middle East.

Risks and Vulnerabilities

• Price Volatility: A spike in Brent or OPEC+ policy changes can raise import costs sharply.

• Geopolitical Risks: Reliance on the Middle East exposes Vietnam to regional instability.

• Domestic Production Decline: Without new discoveries, import dependence will rise to unsustainable levels.

Growth Forecast

• Vietnam’s oil and gas market is projected to grow at a CAGR of about 3% over the next decade.

• Refining and petrochemicals will drive this growth, while upstream crude production continues its decline.

• Import demand will steadily climb, with Kuwait remaining core, but U.S. and African supply increasing their share.

Key Insights and Takeaways

1. Import Surge: Vietnam’s Crude imports more than tripled in 2024, reaching over 8 billion USD.

2. Supplier Dominance: Kuwait supplies nearly 90% of Vietnam’s crude imports, making it the strategic cornerstone.

3. Production Decline: Domestic oil production fell over 6% in 2024, with no reversal in sight.

4. Refinery Expansion: New refineries are structurally increasing import needs, despite intentions to boost self-sufficiency.

5. Diversification Trend: First U.S. crude import in 2025 shows a move toward supply diversification.

6. Strategic Outlook: Vietnam crude oil Imports will continue rising through 2030, with Kuwait, Nigeria, Brunei, and the U.S. forming a multi-pillar supply chain.

Conclusion

In conclusion, Vietnam’s crude oil import market in 2024–25 reveals a paradox: investments in refining capacity, designed to reduce reliance on imported refined fuels, have created an even greater reliance on imported crude. Kuwait has emerged as the indispensable supplier, covering the vast majority of needs. Nigeria and Brunei play supporting roles, while the United States is entering the picture as a new, flexible supplier.

With upstream decline continuing and downstream expansion accelerating, crude oil imports will remain not just significant, but critical for Vietnam’s energy security. The government and PetroVietnam will have to balance supply stability, cost efficiency, and geopolitical risks as they craft an energy strategy for the next decade. Vietnam is no longer an oil-exporting nation, but a refining-driven, crude-importing economy, anchored in Kuwait, but increasingly global in its sourcing strategy.

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