​Vietnam halves import tariff on gasoline to 10%

Created 09 August 2022
  • PDF
Editor Choice
(0 votes, average 0 out of 5)

Vietnam halved its Most Favored Nation (MFN) tariff on gasoline to 10% Monday as it seeks to diversify supply.
Vietnam halves import tariff on gasoline to 10%

The MFN import tariff is a standard rate applied for trade between World Trade Organization (WTO) members unless a separate trade agreement exists.

Vietnam halves import tariff on gasoline to 10%

But the cut is unlikely to reduce gasoline prices since Vietnam imported over 90% of its fuel from ASEAN member countries and South Korea under free trade agreements (FTAs) at 8% tariff.

But it will reduce Vietnam’s dependence on those sources and help diversify its supply.

Taxes account for 19.4-22% of gasoline prices in Vietnam, lower than in many other countries.

After four downward adjustments in recent days a liter of RON 95 gasoline now costs VND25,600 ($1.09), the lowest since late-February.

Source: VNE

Maybe You Also Interesting :

» Scrap special consumption tax on gasoline: VCCI

Reducing special consumption tax on gasoline to zero and cutting value-added tax by half will provide positive impacts amid global uncertainties, the Vietnam...

» Gasoline prices down 8th time in 3 months

Vietnam has cut gasoline prices for the eighth time in the last three months, seeking to contain inflation and boost consumption amid global economic woes.

» Gasoline prices fall to lowest level since January

Vietnam’s gasoline prices on Monday fell 4.39-5.03% to the lowest in the year-to-date.