Vietnam is estimated to import over 8.6 million tons of petroleum products worth more than 4.7 billion U.S. dollars in the first nine months of this year, down 2.7 percent in volume but up 25.1 percent in value against the same period last year.

Amid a recent decline in world oil prices, the country, early this week, raised import tax on petroleum products to 15 percent from 10 percent, mainly to reduce state pricing subsidy, according to the Information Trade Center under the Vietnamese Trade Ministry on Friday.

Vietnam is expected to import only 4 million tons of petroleum products in 2010, since it is building several oil refineries in the coming years. Its demand for petroleum products in 2010 is estimated at 18-19 million tons, according to local economic experts.

In late 2005, Vietnam started to construct its first oil refinery with an annual refining capacity of 6.5 million tons in central Quang Ngai province. The refinery will come into operation in late 2008 or early 2009.

Source: Xinhua