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​Vietnam halves import tariff on gasoline to 10%

Vietnam halved its Most Favored Nation (MFN) tariff on gasoline to 10% Monday as it seeks to diversify supply.

The MFN import tariff is a standard rate applied for trade between World Trade Organization (WTO) members unless a separate trade agreement exists.

​Vietnam, halves import tariff, gasoline, Most Favored Nation tariff, diversify supply, trade agreement, gasoline prices

An employee pumps gasoline into a motorbike at a fuel station in Hanoi on March 10, 2022.

But the cut is unlikely to reduce gasoline prices since Vietnam imported over 90% of its fuel from ASEAN member countries and South Korea under free trade agreements (FTAs) at 8% tariff.

But it will reduce Vietnam’s dependence on those sources and help diversify its supply.

Taxes account for 19.4-22% of gasoline prices in Vietnam, lower than in many other countries.

After four downward adjustments in recent days a liter of RON 95 gasoline now costs VND25,600 ($1.09), the lowest since late-February.

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Source: VnExpress

​Vietnam, halves import tariff, gasoline, Most Favored Nation tariff, diversify supply, trade agreement, gasoline prices
 
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