Import tariffs on petroleum products hiked
Starting September 5, Vietnam increased the import tariffs on imported petroleum products to 5% from the current zero level. The recent fall in the international price of crude oil is the primary reason for the tax increase which aims to raise more money for the state budget, Deputy Minister of Finance Truong Chi Trung said. Under the new tax scheme, a tariff increase will be applied to most refined oil products like tar, leaded petrol, lead-free petrol, etc. The government subsidizes sales of kerosene and diesel fuel; hence, there is no tax increase on these products, the deputy minister explained. Vietnam is forecast to import 13 million metric tons of petroleum products
