Vietnam International Political Economy

Vietnam trade of oil will decline by 3 million toms in order to ensure Vietnam’s national crude oil reserve according to Xinhua.

The announcement by Vietnam Oil and Gas Corporation ( PetroVietnam) on Vietnam trade also stated that it would allocate a larger percentage of its crude oil output to Dung Quat a domestic refinery.

While the Vietnam trade move does hint of protectionist intentions, Vietnam currently imports as much as 13 million tons of refined oil a year in order to meet domestic demand.