Castrol BP Petco was Vietnam’s largest base oils importer in 2023 as it boosted its market share to a three-year high.

The joint venture between BP and Vietnam Petroleum Corp accounted for more than 20pc of Vietnam’s base oils imports in 2023, customs data showed.

The share was up from close to 18pc the previous year and around 19.5pc in 2021.

Vietnam’s base oils imports of more than 243,000t in 2023 rose by 10pc from 2022 to the highest in more than four years.

Higher base oils imports supported firm lube consumption to oil the country’s strong economic growth, especially in the second half of last year.

Strong economic growth and rising lube consumption attracted a growing number of global blenders to build or expand blending plants in the country in recent years.

Fuchs Group opened its first blending plant in Vietnam during the second half of last year.

Vietnam Lubricants and Chemicals (Vilube), a subsidiary of Motul Asia Pacific, was the country’s second-largest base oils importer in 2023 with as share of more than 11pc of the total.

Its total import volume still rose even as its share of the total fell slightly from the previous year.

Chevron Lubricants Vietnam was the country’s third-largest base oils importer, Petrolimex Petrochemical the fourth largest and Shell Vietnam the fifth largest.