The effect of world oil price on Vietnam's petroleum import-export turnover

Abstract

The aim of this study is to identify the impact of world crude oil price on Vietnam import-export turnover. After reviewing the related theoretical and empirical literature, the structure of world crude oil and other independent variables as well as oil trade variables in process of trading integration is examined. By using monthly time series data collected on World and Vietnam in January 2004 - December 2014 period as well as applying Classical linear regression model, the result of the econometric analysis showed that an there is an positive relationship between world crude oil price and Vietnam export-import revenue at lagged period, which is meaningful for the Authority in controlling inflation. Keywords: World oil prices, oil import-export turnover, Vietnam