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HANOI, June 30 (Reuters) – Vietnam plans to chop its Most Favoured Nation (MFN) tariff on gasoline to 12% from 20% to assist ease inflationary strain, the federal government mentioned on Thursday.
The transfer may also assist Vietnam diversify its sources of gasoline imports and scale back its reliance on its key suppliers together with South Korea and its neighbours in Southeast Asia, the federal government mentioned in a information launch.
The MFN tariff is a normal charge utilized in buying and selling between World Commerce Group (WTO) members, except a separate commerce settlement exists.
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Below free commerce offers between Vietnam and South Korea and throughout the 10-member Affiliation of Southeast Asian Nations, the import tariff on gasoline is about 8%.
Vietnam, a regional manufacturing hub, reported gross home product progress of seven.72% within the second quarter this 12 months, however like a lot of its neighbours is dealing with a mounting strain on inflation with larger costs for vitality and meals. learn extra
The federal government mentioned it additionally plans to chop particular consumption tax, value-added tax and setting tax on fuels, with out giving additional particulars.
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Reporting by Khanh Vu; Modifying by Martin Petty
Our Requirements: The Thomson Reuters Belief Rules.
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