Vietnam to import additional petroleum and adjust tax

February 28, 2022 | 11:35

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Increasing petroleum imports and raising related taxes is deemed an effective solution to offset the shortfall in domestic output.

Vietnam to import additional petroleum and adjust tax for this product

Vietnam plans to import additional petroleum and adjust taxes

By doing so, the retail selling price of gasoline is hoped to be reduced.

According to the latest decision issued by the Ministry of Industry and Trade (MoIT), 10 petroleum retailers and distributors will import an additional 2.4 million cubic metres of petroleum in the second quarter of 2022. Of which, the volume of imported gasoline amounts to 840,000 cu.m and oil to about 1.56 million cu.m.

Importing distributors and retailers include Petrolimex, PVOil, Hai Ha Waterway Transport Co., Ltd., and Hai Linh Co., Ltd., among others.

According to the MoIT, it is expected that Nghi Son Oil Refinery will operate at 85 per cent of its capacity from March 15 and at full capacity from April. However, the increase in imports in the coming time is to ensure supply for the domestic market as global oil prices are forecast to increase.

On February 24, the Ministry of Finance asked the Tax Policy Department and the General Department of Taxation to prepare, research, and develop a plan to adjust environmental protection tax policies for petroleum products to promptly report to the prime minister before February 28.

At present, the selling price of RON95 stands at around VND26,300 ($1.14) per litre, with sellers paying approximately VND11,000 (47 US cents) in taxes and fees.

By Ha Vy

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