Vietnam cuts jet fuel import tariffs

The Vietnamese Ministry of Finance has recently decided to slash import taxes on jet fuel by 5% to 20% from the current 25%, the Vietnam Economic Times newspaper said. The tax reduction will take effect July 26, the ministry said. The move aims to mitigate fuel costs for domestic airline firms. Vietnam still has to import almost all petroleum products since its first oil refinery, Dung Quat, which is in the central province of Quang Ngai, has only been operational since February 22. (July 23, 2009)