Petrol prices fell further from 3pm on July 21 after the latest review conducted by the Ministry of Industry and Trade and the Ministry of Finance.

The price increases of crude oil and input materials of many industries have led to increases in finished products, putting a burden on businesses and people.

The nation spent US$5 billion on importing 4.8 million m3 of petroleum during the first half of this year, an increase of 18% in volume and up nearly two fold in value compared to the same period from last year.

The Ministry of Finance again proposed the Government lower the MFN tariff on unleaded gasoline to 10% from 20%, instead of 12% as earlier suggested, apart from efforts to cut the environmental protection tax on fuels to the floor level.

Although the price of petrol has fallen since July 11, several business associations and agencies proposed reductions in taxes and fees to support businesses because of unpredictability and fluctuations in gasoline prices.

The price of petrol decreased by more than 3,000 VND (0.13 USD) per litre from 0:00 on July 11 following the latest adjustment of the Ministries of Industry and Trade, and Finance.

Consecutive petroleum price hikes so far this year have further burdened travel firms in Vietnam which are trying to gradually recover after the Covid-19 pandemic.

The stock market may recover in the short term but is expected to see a downward trend in the medium term, though Vietnam’s economic growth rate is among the highest in the world. The tight cash flow has had an adverse impact on share prices.

The National Assembly Standing Committee, at its extraordinary session on July 6, approved the Government’s proposal on additional environmental protection tax cuts on petrol and oil in an attempt to cool down the domestic fuel market.

Deputy Minister of Finance Nguyen Duc Chi said the ministry is considering proposing tax cuts on petrol in order to curb price increases.

The Government is looking at measures to curb the rising trend of petrol prices on the domestic market, which is placing a huge burden on the economy.

The Ministry of Finance (MOF) has finally proposed a cut in luxury tax and VAT after advising that the environmental protection tax be cut to the floor level, to be applied from early August to the end of the year.

The Ministry of Finance (MOF) has submitted to the Prime Minister a plan to reduce the luxury tax and VAT on petroleum products in an effort to curb prices.

“VND50,000 please. No, just VND30,000."  “VND100,000, please. No, only VND70,000." These were conversations I heard yesterday at a filling station.

The Ministry of Finance has submitted a proposal to the Prime Minister in a bid to reduce the excise tax and value added tax, in addition to the environmental protection tax, as it seeks control rising petrol prices.

The Vietnam Confederation of Commerce and Industry (VCCI) has proposed removing the luxury tax in addition to a cut in the environmental protection tax to help lower petrol prices, which are at a historic high.

The Vietnam Chamber of Commerce and Industry (VCCI) has proposed the Ministry of Finance study the impact of eliminating excise tax on petrol and report it to the National Assembly at the next sitting.

The tax on petrol in Vietnam is lower than the average level in the rest of the world, according to the Ministry of Finance (MOF).

The news that the Ministry of Finance (MOF) has proposed the further cutting of environmental protection tax and the removal of the petrol price stabilization fund has brought a fresh breath of air to people and the economy.

As the State’s resources are limited, the increase in the national petroleum reserves will be implemented under a roadmap from now to 2025.