Ministry proposes tariff cuts to bring down petrol prices
The Ministry of Finance (MoF) has proposed a reduction of the most favoured nation (MFN) tariff on a number of petrol products widely used in industrial production from 20% to 10% in an attempt to bring down the economy's input cost.
Hanoi (VNS/VNA) - The Ministry of Finance (MoF) has proposed areduction of the most favoured nation (MFN) tariff on a number of petrolproducts widely used in industrial production from 20% to 10% in an attempt tobring down the economy's input cost.
In addition, the ministry said it will consider lowering the current tax onethanol from 15% to 10% for some ethanol products.
There were six ethanol plants in Vietnam with a total output capacity of400,000 cubic metres while demand for ethanol, mostly used for the making ofbio-gasoline E5 RON92, 5% of ethanol mixed with gasoline, which in the domesticmarket was estimated at 200,000 cubic metres a year.
In addition, higher input costs and an unstable supply of raw materials wereVietnamese ethanol makers' major weaknesses. It has resulted in some of thembeing forced to close down on top of their inability to compete with cheaperimported ethanol.
The US Grains Council has also recently filed a demand for Vietnam to bringdown tariffs on US ethanol from 15% to 5-10%.
According to the ministry, Vietnam encourages the use of ethanol in makingbiofuel and the use of biofuel as they are considered to be moreenvironmentally friendly compared to fossil fuels. In light of rising globalprices, the country also aimed at greater imports of ethanol to help easesupply shortfalls.
The Southeast Asian country imported nearly 49 million USD worth of ethanollast year with the US being its largest supplier with 62% of the volume. Undercurrent regulations, ethanol (HS 2207.20.11, 2207.20.19) was set at a 15% MFNtariff.
The ministry said lowering MFN tariffs and tariffs on imported ethanol wereeffective steps taken to bring down petrol prices in Vietnam and to help reducethe economy's input cost. In addition, the move has been said to provide aboost to exports, especially to the US.
Meanwhile, State budget collection might experience some minor decreases,according to the ministry./.
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At an ethanol storage site (Photo: VGP) 
