Vietnam’s coal, crude oil import soar as it benefits from Sino-US trade war



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Vietnam’s coal, crude oil import soar as it benefits from Sino-US trade war

Vietnamese government data released earlier this week had depicted an upbeat portrait of the Southeast nation’s fast-growing economy, as its coal alongside crude oil imports were surged more than anticipated during the first ten months of the year, underscoring the Southeast Asian nation’s growing reliance on imported energy to back its fast-growing economy, as the nation’s economic growth was expected to surpass an earlier estimate of 6.6 per cent to 6.8 per cent amid an escalated trade spat between the world’s first and second-largest economy, Washington and Beijing respectively.

In point of fact, as the nation had been benefitting from a gruesome trade war between the United States and China, Vietnam had become one the fastest growing countries across the globe this year, almost entirely backed by a bolstered export alongside robust foreign investment including a landmark EU-Vietnam free trade pact signed during the second half of the year.

Besides, according to government data released earlier this week, Vietnam’s coal imports, mostly from the mining mogul Australia alongside Indonesia, was surged more than 100 per cent to 36.8 million tonnes at the same time from a year earlier worth of $3.25 billion, while the nation’s crude oil import was cruised 80.6 per cent higher on a year-on-year basis to 6.8 million tons over the first ten months of the year.