Vietnam needs 270 trillion dong to expand national fuel storage capacity by 2030

VIETNAM would need investment of up to 270 trillion dong (S$15.3 billion) to expand its national fuel storage system by 2030, state media reported on Friday (Mar 31), citing a draft plan prepared by the Ministry of Industry and Trade.

The investment would raise the country’s crude oil and refined fuel storage capacity to 75-80 days of net imports, Dau Tu newspaper reported.

The country’s current fuel storage capacity stands at 65 days of net imports, state radio broadcaster VOV cited the Minister of Industry and Trade, Nguyen Hong Dien, as saying on Thursday.

The South-east Asian country, a regional manufacturing hub, has at times faced a fuel supply crunch due to tight global supplies or malfunctions of its local oil refineries.

“The plan, if approved by policymakers, would lay the direction for companies to build, expand and modernise the existing system of fuel storages,” the ministry said in a separate statement on Friday, without specifying a time frame.

Most of the investment needed for the plan would come from businesses, Dau Tu reported. REUTERS