Prime Minister Nguyen Tan Dung has approved calculation of petroleum import tax based on weighted average of the tariffs, taking into account Most Favoured Nation status and Free Trade Agreement.
Customers buy petrol at a station in Hà Nội. (Photo: VNA)
Hanoi (VNA) –💛 Prime Minister Nguyen Tan Dung has approved calculation of petroleum import tax based on weighted average of the tariffs, taking into account Most Favoured Nation (MFN) status and Free Trade Agreement (FTA).
Previous calculation was based on only MFN tariff.
According to the Ministry of Finance, the new calculation would also cover the quarterly proportion of petroleum imports from countries which had signed for the FTA tariff. The data used to calculate the above-mentioned component would be collected through electronic customs systems by the General Department of Customs.
The new calculation would help keep a close watch on domestic businesses’ import of petroleum products from different sources while ensuring national energy security as also safeguarding the interests of businesses, consumers and the State as well, the ministry said in a statement on March 19.
The ministry agreed that there was a difference between current petrol tariff, calculated based on MFN status, and that from several ASEAN nations and the Republic of Korea.
Last week, local newspapers reported that consumers were made to pay around 400 billion VND (17.7 million USD) a month on account of 5 percent to 10 percent tax difference in petroleum imports.
Petroleum products imported by Vietnam from ASEAN and the Republic of Korea were taxed at a rate of between 5 percent and 10 percent, or even zero, since the beginning of this year.
However, under the joint Circular No 78 promulgated by the Ministry of Industry and Trade and the Finance Ministry, the retail petrol prices have been calculated based on import tax of 20 percent for petrol products and 10 percent for diesel and mazut.
The calculation led to a tax difference of 5 to 10 percent for diesel and 10 percent for petroleum between imported petrol and retail prices.
Local petrol traders have been enjoying the benefit of this tax difference since May 2015 after the issuance of Circular No 78 for diesel imported from ASEAN and petrol imported from the Republic of Korea.
Diesel and mazut import taxes from ASEAN countries were cut from 20 percent to 10 percent since the beginning of this year in accordance with the ASEAN Trade in Goods Agreement (ATIGA).
In addition, under the Free Trade Agreement (FTA) with the Republic of Korea, signed in May 2015, Vietnam reduced the import tariff on gasoline from the Republic of Korea to 10 percent from the earlier 20 percent, effective December 20, 2015.
Economist Nguyen Minh Phong told giaoducvietnam newspaper that the wrong calculation of imported taxes could result in wrong calculations of VAT, corporate income tax and transport costs.
However, this had given rise to another problem. The wrong tax calculations raised basic petrol prices, special consumption tax and other fees, thus affecting consumers, Phong said.
To deal with the tax difference, the finance ministry on March 18 decided to revise the MNF import duty for several petroleum products from previous 10-13 percent to 7 percent.-VNA
The relevant state offices must ensure supply of E5 grade bio-fuel for the domestic market to sell bio-petrol nationwide from November end, the Deputy Minister of Industry and Trade said.
The prices of RON 92 petrol and E5 bio-fuel were reduced by 961 VND and 942 VND per litre respectively, as of 3 pm on February 18, the fourth consecutive cut since the beginning of 2016.
Many taxi firms registered lower fares after Deputy Minister of Transport Nguyen Hong Truong urged them to do so on February 22 following recent drops in petrol prices.
The new Government decree also simplifies loan procedures while expanding credit incentives to include organic and circular agriculture, allowing them to access preferential terms similar to those of high-tech and value-chain based agricultural production.
Developed with state-of-the-art infrastructure, the Da Nang FTZ is designed to become a leading regional economic centre and a strategic growth pole in Vietnam’s new development landscape.
The Binh Duong Association of Supporting Industries (BASI) is expected to promote the usage of domestically manufactured components while supporting businesses in accessing international markets, strengthening linkages, and promoting deeper integration into global supply chains.
PwC Vietnam forecasts a vibrant M&A market in Vietnam’s healthcare sector in 2025, driven by rising demand for high-quality medical services and a growing middle class. Pharmaceutical companies, private hospitals, and specialised medical facilities, particularly in ophthalmology and oncology, are predicted to be key targets for M&A.
The central province of Quang Nam is set to become a hub for the medicinal plant industry, with Ngoc Linh ginseng designated as the core crop, under the Prime Minister's decision issued earlier this year.
The North-South Expressway project is scheduled for completion by 2030, aiming to establish the groundwork for Vietnam’s modern railway industry and stimulate regional economic development, positioning the country for a significant economic leap in the era of national rise.
The probe, initiated on June 11 following a petition by the US Coalition for Fair Trade in Hardwood Plywood, targets products classified under HS Code 4412 and 9403 imported from China, Indonesia and Vietnam.
Sun PhuQuoc Airways was born as a perfect piece in Sun Group’s strategic vision to build a premium ecosystem of tourism, entertainment, real estate, and aviation. With a pioneering ambition, Sun PhuQuoc Airways is not just an airline, but a symbol of connection – bringing the world to Phu Quoc and taking Phu Quoc to the world.
A key change in the draft decree is a provision requiring bank transfers for gold transactions valued at 20 million VND (765 USD) and above, to enhance transparency and verify customer identities.
In the first four months of 2025, trade turnover between Vietnam and Cambodia surpassed 3 billion USD, marking a 7% increase compared to the same period in 2024.
On June 19 alone, a total of 2,005 trucks completed customs clearance at Lang Son’s border gates — the highest single-day figure ever recorded in the province. Of these, 634 carried exports and 1,371 imports.
The OECD Economic Surveys: Vietnam 2025 report focuses on analysing the country’s macroeconomic fundamentals, the impact of international integration on attracting foreign investment and trade, and the country’s prospects for developing a low-carbon economy.
Antoine Colin, Senior Vice President for Global Supply Chain Digital Transformation & Resilience at HP Inc., affirmed HP’s strategic commitment to building a supply chain and ecosystem in Vietnam and the region.
Deputy Director General of the Ministry of Industry and Trade (MoIT)’s Trade Promotion Agency Bui Quang Hung emphasised that logistics has evolved from a technical function into a core capability for Vietnamese exporters to maintain their competitive advantage in the US market.
A trade official has suggested companies work closely with shipping lines, airlines, and freight forwarders to monitor routes, transit times, and potential surcharges while exploring broader cargo insurance to cover risks like war and terrorism.
In addition to institutional reform, the agency is also rolling out key solution groups to combat counterfeit goods, imitations, and intellectual property infringements in the digital environment.
The event, co-organised by the Vietnam Trade Office in the UK and TT Meridian, a local importer of Vietnamese fresh produce, aims to build a national lychee brand and encourage broader recognition of Vietnamese fruits in a competitive, high-end market.
Customers buy petrol at a station in Hà Nội. (Photo: VNA)
