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Crude oil import tax to be cut from November

by VTV419 September 2019 Last updated at 10:56 AM

VTV.vn - The Prime Minister has just issued a decision on import taxes. Specifically, the import tax on crude oil will be reduced from 5% to 0%.

According to the General Department of Customs, Vietnam imported nearly 5.5 million tonnes of crude oil, worth 2.6 billion USD from January to August.

This decision will go into effect on November 1st. Vietnam has two operational oil refineries with a combined processing capacity of 330,000 barrels of crude oil per day. The country will be importing more crude oil to offset slow domestic output due to the decline in reserves in existing fields.

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