Vietnam Reduces Import Tariff on Some Petroleum Products Again

On January 14, 2011, the Ministry of Finance of Vietnam issued a Notice, reducing the import tariffs on related petroleum products to 2% or less from current 5%~6% before the Spring Festival.

Therein, the import tariff on gasoline shall be reduced to zero from current 6%, that on diesel oil to zero from 5%, that on coal oil to 2% from 6%, and that on heavy oil to 2% from 5%.

Previously in early December 2010, the Ministry of Finance reduced the import tariff on gasoline to 12% from 17%, and again reduced the import tariff to 6% from 12% in late December.