According to preliminary statistics from General Department of Customs, in February 2024, Vietnam imported 214,064 tonnes of liquefied petroleum gas (LPG), equivalent to more than 143.9 million USD, down 25.9% in volume and decreased 28.1% in value compared to the previous month.
In the first 2 months of the year, Vietnam spent more than 344.7 million USD to import 503.1 tonnes of liquefied gas from markets, an increase of 30.2% in volume and 22.4% in value compared to the same period in 2023. Average import price in the first 2 months of the year reached 685 USD/tonne, down more than 6.5% over the same period last year.
In terms of market, Qatar is the largest import market, behind Saudi Arabia and Malaysia respectively. In particular, Malaysia is a market promoting LPG exports to Vietnam.
Specifically, in February, Vietnamese enterprises imported 63,686 tonnes of LPG from the Malaysian market, with a turnover of 42.6 million USD, a sudden increase of 1,243% in volume and 941% in value over the same period last year.
Accumulated in 2 months, Vietnam spent more than 60 million USD to import 87,100 tonnes of LPG from this country, an increase of 616% in volume and 523% in value, accounting for more than 17% of both volume and import turnover. Average import price from Malaysia is currently about 689 USD/tonne, down nearly 13% over the same period in 2023.
LPG in Vietnam is mainly used to fill tanks to serve household needs such as heating, cooking, industry, use in vehicles, refrigerants…and other applications from products. LPG products are currently still low as used in petrochemical technology.
Currently, domestic gas supply is only active at about 60% of consumption. Therefore, domestic gas retail prices are influenced and influenced by world gas prices.
According to gas companies, the world gas import price under the contract (CP price) for March was officially pegged at 635 USD/tonne, equal to the CP price last month. However, because exchange rate between the dollar and Vietnamese currency increased sharply, to 24,820 VND/USD, domestic gas retail price was adjusted to increase accordingly.

Source: Vitic/ congthuong.vn