Vietnam’s March base oil imports surge

Vietnam’s base oil imports surged in March to their highest in more than two years, extending a strong rebound in demand.

Base oil imports of more than 31,000t in March almost doubled from less than 16,000t the previous month, provisional customs data showed.

Total imports of more than 65,000t in the first quarter of the year rose by 34pc from the last three months of last year to the highest since at least 2019.

Vietnam’s base oil imports began to rebound strongly from last November. The recovery followed a slump in shipments during the third quarter of last year.

The slowdown during that time reflected the impact of lockdowns to control the spread of the Covid-19 virus in the country.

The rise in imports from late last year followed the gradual relaxation of those measures and a pick-up in economic and industrial activity.

That recovery is expected to gather pace this year.

The country’s industrial production rose in March for a fifth straight month, and by more than 8pc for a second month. Automobile sales rose in March for a fourth month in five.

The surge in base oil shipments in March mostly reflected a rise in supplies from South Korea to more than 14,000t. The volume was the highest since mid-2020 and up from average imports of less than 6,000 t/month since then.