Vietnam cuts fuel import tax

The government has lowered import taxes on some petroleum products with effect from April 20 to stabilize their retail prices amid the increasing global prices.

The Ministry of Finance issued a circular reducing diesel import tax to 20 percent from the current 25 percent and kerosene import tax to 35 percent from the current 40 percent. But the tax on gasoline remains unchanged at 20 percent.

Vietnam, which exports crude oil, imports most of its petroleum-product needs. Its first refinery, Dung Quat in central Quang Ngai Province, only began operation last February. Last year the country spent US$10.8 billion importing 12.7 million tons of petroleum products.

Global oil prices rebounded on Tuesday.

New York’s main futures contract, light sweet crude for May delivery, added 66 cents to close at $50.71 a barrel, AFP reported.

Ngan Anh

thanhnien

>   Commercial banks do well despite economic crisis (15/04/2009)

>   PetroVietnam Finance (PVF) gains on plan to hike foreign ownership (15/04/2009)

>   Few corporate clients apply for government subsidy loans: Banks (15/04/2009)

>   Vietnam caps foreign medium-and long-term debt at $4.7 billion (15/04/2009)

>   Gold now less attractive than stocks in investors’ eyes (14/04/2009)

>   US$ exceeds VND18,000/US$1.00 threshold (14/04/2009)

>   SBV announces preferential lending program for poor districts (14/04/2009)

>   Vietinbank permitted to issue long-term valuable papers for 2009 (14/04/2009)

>   N M Rothschild & Sons Ltd. Of Singapore to open Rep Office in Hanoi (13/04/2009)

>   Deputy Governor Nguyen Van Binh meets with Moody's and Fitch delegations (13/04/2009)