Vietnam spends VND7,500Bln to stabilize fuel prices

Vietnam has spent VND7,500 billion tax cut on fuel import in order to keep the domestic retail prices of fuel stable since 2010

Vietnam has spent VND7,500 billion tax cut on fuel import in order to keep the domestic retail prices of fuel stable since 2010 until February 2, the online newspaper Dantri reported on February 10, citing the Ministry of Finance(MoF).

On January 15,MoF continues to raise stabilization funds usage to VND1,600/liter from VND600/liter. Besides, MoF has been preparing to propose to decide the prices of essential goods by the market forces in order to cut the state budget deficit.

Earlier on Jan 14, MoF has issued Circular No 07/2011/TT-BTC to guide the implementation of import tax cuts for gas and oil. In details, import tax on gasoline fell to 0% from previous 6%, kerosene to 2% from 6%, diesel to 0% from 2%; and fuel oil (mazut) to 2% from 5%.

Last year, the country spent VND10 trillion on stabilizing domestic gasoline prices in 2010 as the world prices currently stand at the high level, including VND3 trillion from stabilization funds and VND7 trillion from tax cut, Nguyen Tien Thoa, the Ministry of Finance’s Head of Price Control Department said. – Stoxplus.com

Tags: Vietnam fuel prices

Posted by VBN on Feb 10 2011. Filed under Oil-Gas & Petroleum. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry