Vietnam needs $11.5-B to expand national fuel storage capacity by 2030

(Reuters) - Vietnam would need investment of up to $11.51 B to expand its national fuel storage system by 2030, state media reported on Friday, citing a draft plan prepared by the Ministry of Industry and Trade.

The investment would raise the country's crude oil and refined fuel storage capacity to 75-80 days of net imports, Dau Tu newspaper reported.

The country's current fuel storage capacity stands at 65 days of net imports, state radio broadcaster VOV cited the Minister of Industry and Trade, Nguyen Hong Dien, as saying on Thursday.

The Southeast Asian country, a regional manufacturing hub, has at times faced a fuel supply crunch due to tight global supplies or malfunctions of its local oil refineries.

"The plan, if approved by policymakers, would lay the direction for companies to build, expand and modernize the existing system of fuel storages," the ministry said in a separate statement on Friday, without specifying a time frame.

Most of the investment needed for the plan would come from businesses, Dau Tu reported.

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