Commodity Market Report

Vietnam product markets long-term outlook H2 2020

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29 January 2021

Vietnam product markets long-term outlook H2 2020

Report summary

Total products in Vietnam was 134,000 b/d in net deficit in 2020. The country had deficits in all products with the exception of a small surplus in naphtha, with the biggest contributor to the deficit being diesel/gasoil. The start-up of Nghi Son refinery, the second largest refinery in Vietnam, in 2018 has reduced Vietnam's reliance on product imports. However, the deficits are expected to widen due to steady demand growth and insufficient incremental refinery supply. In 2020, oil product demand decreased slightly to 473,000 b/d from 476,000 b/d in 2019, due to Vietnam being minimally impacted by COVID-19. Looking forward as Vietnam's economy expands, the country's oil product demand is forecast to grow at an average rate of 2.2% a year from 2020 to 2050. Demand is expected to reach 907,000 b/d in 2050.

Table of contents

Tables and charts

This report includes 6 images and tables including:

  • Refineries in Vietnam
  • Refinery throughput and utilisation
  • Non-refinery supply by products
  • Non-refinery supply by type
  • Net trade by products
  • Product balances – all supply versus demand

What's included

This report contains:

  • Document

    Vietnam.xlsx

    XLSX 1.26 MB

  • Document

    Vietnam product markets long-term outlook H2 2020

    PDF 1.04 MB