Import Tariff on Part of Petroleum Products in Vietnam Will be Reduced by 5 Percentage Points

On December 2, 2010, a report from the Vietnam Economic Times said that the Vietnam Ministry of Finance decided to reduce import tariff on part of petroleum products under HS Code 2710 from 17% to 12% from January 1, 2011 in accordance with its notice No. 190 issued on December 1, 2010.

The import tariff on gasoline and aviation fuel will be reduced from 17% to 12%; the import tariff on kerosene will be reduced from 15% to 10%; import tariff on diesel oil will be adjusted downward from 10% to 5%. The import tariff on other oil products will also be reduced by 5 percentage points.