Vietnam proposes zero percent import tariff on petroleum products

Hanoi — Vietnam has proposed zero percent import tariffs for select petroleum products aimed at helping businesses proactively secure supply and ensure market stability, according to a report.

The proposal is contained in a draft decree revising preferential import tariffs for various goods, which has been submitted to Vietnam’s Ministry of Justice for review.

The proposal comes amid ongoing geopolitical tensions involving the United States, Israel, and Iran, which significantly affect global energy markets and pose potential risks to Vietnam’s fuel business operations and petroleum supply security.

Vietnam’s Ministry of Finance estimates that if the new tariffs are implemented based on import turnover in 2025, government budget revenue could decrease by more than one trillion Vietnamese dong (at a rate of 100 Vietnamese dong = 65 rupiah).