19-7-2023 (HANOI) Vietnam has approved a plan to expand its national fuel storage capacity by 2030, with investments of up to 750 trillion dong ($31.7 billion), according to a plan signed by Deputy Prime Minister Tran Hong Ha on Tuesday. The investment would raise the country’s crude oil and refined fuel storage capacity to 75 to 80 days of net imports. Currently, Vietnam’s fuel storage capacity stands at 65 days of net imports, according to the Minister of Industry and Trade.
The plan aims to address fuel supply shortages that Vietnam has experienced at times due to tight global supplies or malfunctions at local oil refineries. As a regional manufacturing hub, Vietnam’s demand for fuel has been increasing, making it critical for the country to have adequate storage capacity.
Most of the funds for the plan will be sourced from businesses and the state budget, according to the plan.
