Vietnam is planning to remove its import tariffs on fuels to ensure supplies amid disruptions caused by the military conflict in the Middle East, the government said.
The tariff removal is expected to last until the end of April, the government said in a statement issued late on Sunday, adding that a resolution is being prepared by the Ministry of Finance.
- Vietnam’s import tariffs on fuels range up to 20%, with most of the imports from countries that Vietnam has free-trade agreements exempt from tariffs.
- Domestic fuel prices have already risen by 21%-32% since the U.S.-Israeli war with Iran began.
- The removal of the tariffs until the end of April would reduce state revenue by 1.02 trillion dong ($39 million), the government said.
- “This tariff removal solution is considered necessary to support businesses in proactively securing their supply sources, contributing to stabilizing the domestic petroleum market and ensuring energy security,” the government said.
($1 = 26,190 dong)
— Reuters
