Vietnam’s Oil Imports Surge Amid Gulf Crisis

Vietnam has ramped up its imports of refined oil products following supply disruptions caused by the outbreak of the Iran war, according to customs data. The increased imports have helped cushion the nation’s industrial sector from the Gulf crisis, but have contributed to an unusual trade deficit and a sharp rise in consumer prices, which rose by 5.46% in April, exceeding government targets. From March to April, Vietnam boosted its imports of refined oil products by nearly 17% year-on-year in volume terms and by 144% in dollar terms, per Reuters analysis. South Korea and Malaysia have emerged as Vietnam’s key…