Vietnam Temporarily Suspends Fuel Taxes to Ease Domestic Market Pressure

Hanoi. Vietnam has decided to temporarily suspend taxes imposed on petroleum products. This step has been taken to reduce the pressure felt in the domestic market due to the rising prices of oil and gas in the international market.

According to the international news agency Reuters, Vietnam's Ministry of Finance announced the decision to remove the environmental protection tax and special consumption tax imposed on petrol, diesel, and jet fuel. 

According to the statement issued by the Ministry, this tax exemption will remain in effect until April 15. Due to the ongoing US-Israel conflict in Iran, oil prices in the global market have been continuously rising, increasing inflationary pressure in import-dependent countries like Vietnam. 

In such a situation, the government has decided to remove the tax to provide relief to consumers and industries.