Proposal to reduce Vietnam tax for import petrol

The petrol imported under the MFN tariff has accounted for a negligible proportion of the total petrol consumption on the domestic market. — VNA/VNS

HANOI (Vietnam News/Asia News Network): The Ministry of Finance (MoF) has proposed the Government cut the most favoured nation (MFN) tariff for unleaded petrol from the current rate of 20 per cent to 12 per cent.

The Ministry of Finance said that the proposed tariff rate could not significantly reduce domestic petrol prices because Vietnam now mainly imports petrol from Asean and South Korea.