Vietnam may cut crude oil, coal exports

The Ministry of Planning and Investment has proposed the government reduce crude oil and coal exports in the 2006-2010 period saying it wanted to ensure sufficient supply of materials for domestic industries. According to the proposal, Vietnam’s crude oil exports will drop to 18.5 million tonnes in 2006 and 15.6 million tonnes in 2010 from estimated 18.8 million tonnes this year.
Regarding coal, the country will export 14 million tonnes in 2006, and reduce the volume by one million tonnes each year between 2007 and 2010.
Vietnam sold overseas, mainly to China, Singapore, Japan, England and the United States, nearly 16.5 million tonnes of crude oil worth roughly US$6.8 billion in the first 11 months of this year, down 7.6% in volume but up 30.3% in value over the same period last year, according to the country’s General Statistical Office.
Meanwhile, the country earned US$571 million from shipping abroad nearly 15.1 million tonnes of coal, posting year-on-year surges of 82.1% and 44.6%, respectively.
Last year, Vietnam exported more than 10.6 million tonnes of coal valued at US$319 million and nearly 19.6 million tonnes of crude oil totalling US$5.7 billion.

 

Category: Economy