Vietnam Resumes Petroleum Products Import Tariffs

Vietnam Resumes Petroleum Products Import Tariffs

The Vietnam Ministry of Finance (MoF) decided to resume import tariffs imposed on petroleum products from January 6 as the global oil prices recently fell significantly.

According to the decision, Vietnam re-imposed 15 per cent import taxes (from 0 per cent) on leaded gasoline, non-lead gasoline, naphtha, reformate, light oil and other gasoline products.

In May 2004, the MoF removed import duties on gasoline, condensates, kerosene, diesel, naphtha and reformate when the oil prices in the world market surged.

Vietnam plans to import 2.9 million metric tons of petroleum products in the first quarter this year, up from 2.87 million tons in the first quarter of last year.

In 2004, it was estimated to import 10.87 million of petroleum products worth US$3.57 billion, up 9.2 per cent in volume and 46.8 per cent in value against 2003.

Vietnam, the sixth largest crude oil exporter in Asia, has to import almost all refined petroleum products to feed the national energy consumption because it has no refineries.

• B.T