Vietnam Boosts Refined Oil Imports 144% in March-April to Counter Iran Conflict Impact

According to Reuters analysis of customs data, Vietnam significantly increased refined petroleum product imports in March-April to offset reduced crude oil supplies from domestic refineries following the Iran conflict. Import volume rose 17% year-over-year, while import value surged 144% in dollar terms. South Korea emerged as a major supplier, with refined oil exports to Vietnam jumping over 60% to 610,000 tons, accounting for roughly one-third of Vietnam’s total refined product imports. Malaysia became the third-largest supplier, with imports nearly doubling to 403,000 tons. The import surge contributed to Vietnam’s consumer prices rising 5.46% in April, exceeding the government’s 4.5% target.