Vietnam: Bulk coal and coke imports rise 13.5% m-o-m in May'26 on strong Australian arrivals

• Australia drives May import growth
  
  
• Indonesia remains leading coal supplier
  
  

Vietnam's bulk coal and coke imports increased to 5.9 million tonnes (mnt) in May'26, up 13.5% month-on-month (m-o-m) from 5.2 mnt in Apr'26 and 18% year-on-year (y-o-y) compared with 5 mnt in May'25, according to BigMint data.

The increase was primarily supported by higher cargo arrivals from Australia, amid active procurement by power utilities and industrial consumers. However, cumulative imports during Jan-May'26 stood at 22.2 mnt, marginally down by 2% from 22.8 mnt recorded during the corresponding period last year, indicating relatively balanced import demand over the first five months of the year.

Indonesia continues to dominate supply mix

Indonesia remained Vietnam's largest coal supplier in May'26, with imports stable at 3 mnt compared to Apr'26. However, volumes increased by 21.6% y-o-y from 2.47 mnt in May'25, supported by its cost competitiveness, logistical advantages, and strong demand from Vietnam's power sector. Indonesia accounted for over 50% of the country's total coal and coke imports during the month.

Australian shipments drive monthly growth

Vietnam's coal imports from Australia rose to 2.4 mnt in May'26, up 60% m-o-m from 1.5 mnt and 22.5% y-o-y from 1.96 mnt. The increase was primarily driven by stronger demand for metallurgical coal from the steel sector and improved cargo availability, making Australia the largest contributor to the month's import growth. Indonesia accounted for over 40% of the country's total coal and coke imports during the month.

Russian volumes witness sharp contraction

Coal imports from Russia declined substantially to 0.2 mnt in May'26 from 0.6 mnt in Apr'26, registering a 66.7% m-o-m fall. On a yearly basis, shipments were down 42.3% from 0.35 mnt recorded in May'25. The decline may be attributed to reduced purchasing interest, logistical challenges, and increased preference for alternative origins offering more competitive freight economics and supply reliability.

Imports from other origins improve

Imports from other supplying countries increased to 0.3 mnt in May'26 compared with 0.1 mnt in Apr'26, reflecting a 200% m-o-m rise. Volumes were also up 32% y-o-y from 0.23 mnt in May'25.

The increase indicates diversification in procurement strategies amid changing market dynamics and evolving supply opportunities. No coal imports were reported from South Africa during the month, likely due to limited arbitrage opportunities and stronger competition from Indonesian and Australian cargoes.

Outlook

We expect Vietnam's bulk coal and coke imports to remain supported by stable power demand, ongoing industrial activity, and steady steel production. Indonesian coal is likely to maintain its dominant share due to its competitive pricing and proximity. However, import trends will continue to depend on international coal prices, freight rates, supply availability, and regional market dynamics.