Vietnam Applies 2.5-fold Increase in Crude Oil Export Tax to 20 per cent
The Vietnamese Ministry of Finance June 6 decided to raise export tax on crude oil to 20 per cent, a 2.5-fold increase against the former 8 per cent, in order to constrain exports of fossil fuel, state media reported, citing the ministry document.
The tax hike will take effect from June 16 of this year, the ministry said. The move aims at fostering domestic petroleum and petrochemical industries such as electricity and cement, the ministry attributed.
Vietnam exports all of its crude oil which is expected at 16 million tons this year, up nearly 6.7 per cent from 15 million tons last year, government statistics showed.
The country exported 5.7 million tons of crude oil valued at US$4.52 billion in the first five months of this year, up 45.5 per cent on-year in value despite a fall of 11.3 per cent in volume, said the General Statistics Office (GSO). (Vnexpress, Labor)
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