Forecast: Oil Consumption in Vietnam

Oil consumption in Vietnam grew significantly from 2013 to 2019, peaking at 598.81 thousand barrels per day. However, the onset of the COVID-19 pandemic in 2020 caused a sharp decline of 15.44%, followed by a further drop in 2021. Consumption began to recover in 2022 with a 9.57% increase. As of 2023, consumption stood at 516.9 thousand barrels per day, with a marginal year-on-year increase of 0.32%. The forecast suggests a stable consumption trend from 2024 to 2028, with an average annual growth rate of just 0.12%, leading to a projected value of 521.32 thousand barrels per day in 2028.

Future trends to watch for:

• Potential impact of Vietnam's transition to renewable energy sources on oil consumption.
• Economic recovery and growth post-pandemic that may influence increased energy demand.
• Government policies and regulations affecting the oil industry.
• Technological advancements and their effects on energy efficiency.