Vietnam reports on 2001 oil exports

Vietnam last year exported 16.7 mm tons of crude oil, earning $ 3.05 bn. Vietnam's oil and gas industry produced 16.9 mm tons of crude oil, a 4.8 % increase over last year and 1.69 bn cm of gas.
Most of it is exported, as Vietnam lacks refining capacity. It imports all of its refined products. The increase in volume in 2001 has helped Vietnam mitigate the adverse impact of a 10 % decline in world oil prices, according to the World Bank.

Vietnam this year has explored seven new oil fields and discovered nine new oil and gas reserves off the country's southern coast. Crude oil is currently Vietnam's most important export product in terms of gross revenue.