Finance Ministry to propose further fuel duty cut hinh anh 1Minister of Finance Ho Duc Phoc responds to parliamentary questions in Hanoi on June 8. (Photo: VNA)
Hanoi (VNA) - The Ministry of Finance is considering to put forward another proposal for further fuel duty cut, Minister Ho Duc Phoc told the 15th National Assembly during its third sitting in Hanoi on June 8 amid concerns over soaring fuel prices.

Fuel prices in Vietnam are relatively higher than those of neighbouring countries, Phoc said, and it is up to the NA and its Standing Committee to decide whether fuel tariffs should be reduced. The NA agreed to lower the environment tax on fuel earlier this year, he noted.

A further tax cut must come along with a comprehensive course of actions to prevent smuggling, the minister said, adding that fuel prices are not only driven by taxes but also the supply-demand law.

In response to a question raised on how to sustainably develop the more transparent stock and bond markets, Phoc said his ministry will further intensify inspection of listed companies and securities firms and coordinate with the State Bank of Vietnam to strengthen governance and supervision of the issuance and purchase of corporate bonds and the provision of related services.

He went on to note that the ministry will continue closely collaborating with the police to investigate stock market manipulation cases and handle groundless rumors on the market while punishing officials for violating rules.

It will also revise legal documents to improve the transparency of information disclosure in order to protect the legitimate rights of stakeholders and tighten control of securities companies./.