Vietnam to cut import duty on petrol, jet fuel

The Vietnamese government said that it will reduce import tariffs on petrol and jet fuel from 35% to 25%. State oil importers were pushing for a hike in retail petrol prices to ease the burden of rising import costs at a time when strong regional demand was pushing up cargo prices. The new tax rates were slated to take effect on February 10. Vietnam reduced its 92-octane pump prices by up to 8.3% in early December to 11,000 dong (US$0.63), when global crude prices fell. The Ministry of Finance issued a circular as an implementation guide for the new tax level for items belonging to group 2710 on the General Department of Taxation’s import list. (February 6, 2009)