Vietnam Likely to Raise Oil Import Tax on Global Price Low
The Vietnamese Ministry of Finance will consider a new rise in refined oil import taxes if the global oil price stays below US$50 a barrel for long, an official from the ministry told local media.
The tax increase is likely to be imposed in the next few days with the preferred rate of 20 per cent from the current 15 per cent.
On January 10, the Ministry of Finance also raised the import tariff of refined oil to 15 per cent from 10 per cent as the world oil price stayed well below $60 a barrel.
Despite being the third largest crude producer in Southeast Asia, Vietnam has yet to have a refinery and is dependent on imports of petroleum products.
The country imported 11 million metric tons of petroleum products worth $5.85 billion in 2006, down 3.8 per cent in volume but up 16.4 per cent in value.
The country is expected to import 13.5 million tons in 2007 to feed its energy demand. (Labour Online)
Vietnamese
