Vietnam Turns to Middle East for Bitumen Amid Pricing Edge and Project Push
According to trade figures, Vietnam brought in about 1.14 million tons of bitumen over 2024—a 10% increase from 2023. Of this, 382,000 tons originated from the Middle East, reflecting a 49% jump year-on-year. Analysts attribute the rise not only to ongoing road development, particularly highway construction, but also to the favorable pricing Middle Eastern suppliers offered compared to regional alternatives.
The mentioned figures indicates a notable shift in Vietnam bitumen import patterns in 2024, turning more heavily to Middle Eastern suppliers as price competitiveness and project-driven demand reshaped sourcing strategies. Imports from the region rose sharply, helping Vietnam meet increasing needs from delayed infrastructure projects.
Throughout the year, Iranian bitumen was consistently cheaper—by roughly $131/ton—than Singapore’s benchmark prices. The price gap widened during the late third quarter as regional supply constraints pushed Singapore’s rates up, leaving Iranian shipments trading at even deeper discounts of $160–180/ton. Despite shipping costs from the Middle East to Vietnam averaging $120/ton, these cargoes still proved more economical.
Adverse weather for most of the year curbed construction activity and weakened domestic demand, further pressuring local prices and making low-cost imports more appealing. Buyers typically only turned to other Asian sources—such as Singapore or China—when specialized bitumen types were required.
Data also shows that Singapore maintained a strong presence, with exports to Vietnam rising 13% to 383,000 tons, while Chinese and South Korean shipments dropped sharply by 44% and 60%, respectively. Industry observers pointed to high freight rates and rising FOB prices in those countries as reasons for their declining market share.
While Vietnam is expected to sustain strong bitumen demand in 2025as infrastructure efforts continue, projected import volumes range between 1 million and 1.3 million tons, supported by improved financial disbursement to contractors, which is helping accelerate project timelines.
