Ministry proposes tariff cuts to bring down petrol prices

The Ministry of Finance (MoF) has proposed a reduction of the most favoured nation (MFN) tariff on a number of petrol products widely used in industrial production from 20% to 10% in an attempt to bring down the economy's input cost.
Ministry proposes tariff cuts to bring down petrol prices ảnh 1At an ethanol storage site (Photo: VGP)
Hanoi (VNS/VNA) - The Ministry of Finance (MoF) has proposed areduction of the most favoured nation (MFN) tariff on a number of petrolproducts widely used in industrial production from 20% to 10% in an attempt tobring down the economy's input cost.

In addition, the ministry said it will consider lowering the current tax onethanol from 15% to 10% for some ethanol products.

There were six ethanol plants in Vietnam with a total output capacity of400,000 cubic metres while demand for ethanol, mostly used for the making ofbio-gasoline E5 RON92, 5% of ethanol mixed with gasoline, which in the domesticmarket was estimated at 200,000 cubic metres a year.

In addition, higher input costs and an unstable supply of raw materials wereVietnamese ethanol makers' major weaknesses. It has resulted in some of thembeing forced to close down on top of their inability to compete with cheaperimported ethanol.

The US Grains Council has also recently filed a demand for Vietnam to bringdown tariffs on US ethanol from 15% to 5-10%.

According to the ministry, Vietnam encourages the use of ethanol in makingbiofuel and the use of biofuel as they are considered to be moreenvironmentally friendly compared to fossil fuels. In light of rising globalprices, the country also aimed at greater imports of ethanol to help easesupply shortfalls.

The Southeast Asian country imported nearly 49 million USD worth of ethanollast year with the US being its largest supplier with 62% of the volume. Undercurrent regulations, ethanol (HS 2207.20.11, 2207.20.19) was set at a 15% MFNtariff.

The ministry said lowering MFN tariffs and tariffs on imported ethanol wereeffective steps taken to bring down petrol prices in Vietnam and to help reducethe economy's input cost. In addition, the move has been said to provide aboost to exports, especially to the US.

Meanwhile, State budget collection might experience some minor decreases,according to the ministry./.
VNA

See more

At the February 14 meeting between Lao Prime Minister Sonexay Siphandone and a delegation of Vietnamese businesses and international enterprises from various countries. (Photo: VNA)

Vietnam strengthens business and investment ties in Laos

Highlighting Laos's vast potential for trade and investment cooperation, Lao Prime Minister Sonexay Siphandone said that Laos is an attractive investment destination, particularly in agriculture, tourism, logistics, and infrastructure development.

Lao government officials and representatives of Vietnamese businesses at the seminar (Photo: VNA)

Vietnamese firms eye investment in Laos

He reaffirmed Laos as a key investment destination for Vietnamese and global firms, highlighting opportunities in agriculture, tourism, logistics, and infrastructure.

Vice Chairman of the Bac Giang People's Committee Mai Son (Photo: bacgiang.gov.vn)

Bac Giang speeds up non-state budget investment projects

In the coming period, the northern province of Bac Giang will focus on addressing challenges to non-state budget investment projects and expediting their progress, affirmed Vice Chairman of the provincial People's Committee Mai Son.

Representatives from industry associations share insights on Vietnam’s market trends. (Photo: VNA)

Vietnam, Thailand boost industrial trade exchange

Trade between Vietnam and Thailand reached 20.18 billion USD in 2024, up 6.4% year-on-year. Thailand remained Vietnam’s top ASEAN trade partner, accounting for 24% of its total trade with the bloc.

Representatives from Lao and Vietnamese agencies at the signing ceremony. (Photo: VNA)

Vietnam, Laos strengthen energy cooperation

A 1,200 MW wind power plant in Nong district, Laos’ Savannakhet province is expected to export 1,526 kWh to Vietnam annually once its first phase completes by the end of 2027, and additionally 1,112 million kWh per year after its second phase becomes operational in 2030./

A view of the Hanoi skyline. While rental properties continue to be in demand, there has also been a notable rise in the number of foreigners looking to buy houses. (Photo: VNA)

Housing demand from foreigners in Hanoi rises

Over several years, Hanoi has increasingly become an attractive destination for foreign workers, with approximately 10,000 new foreign workers are granted licences to work in the city each year.