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Vietnam Cuts Import Duty On LPG

by Mary Swire, Tax-News.com, Hong Kong

23 December 2010


In an effort to stabilize rising prices in the domestic market, Vietnam’s Ministry of Finance has announced that import tariffs imposed on liquefied petroleum gas (LPG) have been reduced from 5% to 2%, with effect from December 17, 2010.

It was reported that, following the Ministry’s disclosure of the reduced tariff, retail prices of cooking gas were reduced on the local market. This follows a period when those prices had risen markedly, in line with the LPG price on the international market.

The Vietnam Gas Association had originally proposed the reduced tariff. It was said that the original 5% tariff had been established when global LPG prices were a fifth of the current price, and therefore could not be justified.

Vietnam imports some 60% of LPG consumed in the country, with the remainder being manufactured domestically.

TAGS: tax | tariffs | oil and gas | import duty | trade | Vietnam

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