Vietnam: Market for Liquefied Petroleum Gas (LPG) 2022

Market Size for Liquefied Petroleum Gas (LPG) in Vietnam

In 2021, the Vietnamese liquefied petroleum gas (LPG) market was finally on the rise to reach $X for the first time since 2018, thus ending a two-year declining trend. In general, the total consumption indicated a pronounced increase from 2012 to 2021: its value increased at an average annual rate of +4.4% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, consumption decreased by -19.4% against 2018 indices. As a result, consumption attained the peak level of $X. From 2019 to 2021, the growth of the market remained at a somewhat lower figure.

Production of Liquefied Petroleum Gas (LPG) in Vietnam

In value terms, liquefied petroleum gas (LPG) production surged to $X in 2021 estimated in export price. Overall, production, however, continues to indicate a perceptible curtailment. The growth pace was the most rapid in 2018 with an increase of 75% against the previous year. As a result, production reached the peak level of $X. From 2019 to 2021, production growth remained at a lower figure.

Exports of Liquefied Petroleum Gas (LPG)

Exports from Vietnam

In 2021, after two years of decline, there was significant growth in shipments abroad of liquefied petroleum gas (LPG), when their volume increased by 27% to X tons. Overall, exports, however, saw a deep contraction. The pace of growth was the most pronounced in 2018 when exports increased by 117% against the previous year. The exports peaked at X tons in 2012; however, from 2013 to 2021, the exports remained at a lower figure.

In value terms, liquefied petroleum gas (LPG) exports skyrocketed to $X in 2021. Over the period under review, exports, however, showed a abrupt decline. The pace of growth was the most pronounced in 2018 when exports increased by 104% against the previous year. Over the period under review, the exports hit record highs at $X in 2012; however, from 2013 to 2021, the exports remained at a lower figure.

Exports by Country

Cambodia (X tons) was the main destination for liquefied petroleum gas (LPG) exports from Vietnam, with a 74% share of total exports. Moreover, liquefied petroleum gas (LPG) exports to Cambodia exceeded the volume sent to the second major destination, the Philippines (X tons), fourfold. The third position in this ranking was taken by Bangladesh (X tons), with a 3.2% share.

From 2012 to 2021, the average annual rate of growth in terms of volume to Cambodia totaled +22.9%. Exports to the other major destinations recorded the following average annual rates of exports growth: the Philippines (-21.4% per year) and Bangladesh (-18.9% per year).

In value terms, Cambodia ($X) remains the key foreign market for liquefied petroleum gas (LPG) exports from Vietnam, comprising 63% of total exports. The second position in the ranking was held by the Philippines ($X), with a 25% share of total exports. It was followed by Indonesia, with a 4.4% share.

From 2012 to 2021, the average annual rate of growth in terms of value to Cambodia amounted to +10.2%. Exports to the other major destinations recorded the following average annual rates of exports growth: the Philippines (-23.7% per year) and Indonesia (-11.8% per year).

Export Prices by Country

The average liquefied petroleum gas (LPG) export price stood at $X per ton in 2021, waning by -4% against the previous year. In general, the export price showed a abrupt shrinkage. The most prominent rate of growth was recorded in 2017 when the average export price increased by 28% against the previous year. The export price peaked at $X per ton in 2012; however, from 2013 to 2021, the export prices failed to regain momentum.

There were significant differences in the average prices for the major export markets. In 2021, the country with the highest price was Indonesia ($X per ton), while the average price for exports to Sri Lanka ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Indonesia (+6.4%), while the prices for the other major destinations experienced a decline.

Imports of Liquefied Petroleum Gas (LPG)

Imports into Vietnam

In 2021, liquefied petroleum gas (lpg) imports into Vietnam rose remarkably to X tons, growing by 10% on the previous year's figure. Overall, imports showed a prominent expansion. The growth pace was the most rapid in 2016 with an increase of 44% against the previous year. Over the period under review, imports hit record highs at X tons in 2019; however, from 2020 to 2021, imports stood at a somewhat lower figure.

In value terms, liquefied petroleum gas (LPG) imports rose rapidly to $X in 2021. In general, total imports indicated a pronounced increase from 2012 to 2021: its value increased at an average annual rate of +3.0% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports decreased by -9.9% against 2019 indices. The pace of growth was the most pronounced in 2017 with an increase of 43% against the previous year. Imports peaked at $X in 2019; however, from 2020 to 2021, imports remained at a lower figure.

Imports by Country

In 2021, China (X tons) constituted the largest supplier of liquefied petroleum gas (LPG) to Vietnam, with a 43% share of total imports. Moreover, liquefied petroleum gas (LPG) imports from China exceeded the figures recorded by the second-largest supplier, the United Arab Emirates (X tons), threefold. Qatar (X tons) ranked third in terms of total imports with an 8.4% share.

From 2012 to 2021, the average annual growth rate of volume from China amounted to +11.0%. The remaining supplying countries recorded the following average annual rates of imports growth: the United Arab Emirates (+16.0% per year) and Qatar (+2.1% per year).

In value terms, China ($X) constituted the largest supplier of liquefied petroleum gas (LPG) to Vietnam, comprising 44% of total imports. The second position in the ranking was taken by Qatar ($X), with an 11% share of total imports. It was followed by the United Arab Emirates, with a 9.9% share.

From 2012 to 2021, the average annual rate of growth in terms of value from China stood at +2.6%. The remaining supplying countries recorded the following average annual rates of imports growth: Qatar (-2.5% per year) and the United Arab Emirates (+7.7% per year).

Import Prices by Country

In 2021, the average liquefied petroleum gas (LPG) import price amounted to $X per ton, growing by 2% against the previous year. Over the period under review, the import price, however, saw a deep slump. The pace of growth was the most pronounced in 2017 when the average import price increased by 30% against the previous year. Over the period under review, average import prices reached the maximum at $X per ton in 2012; however, from 2013 to 2021, import prices failed to regain momentum.

There were significant differences in the average prices amongst the major supplying countries. In 2021, the country with the highest price was Malaysia ($X per ton), while the price for the United States ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Malaysia (-1.4%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Market Intelligence Platform

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