NA Standing Committee adopts resolution on environmental protection tax rates
The National Assembly (NA) Standing Committee on March 23 passed the resolution on environmental protection tax rates on petroleum, oil and lubricants, which will take effect from April 1 till December 31, 2022.
Minister of Finance Ho Duc Phoc speaks at the working session. (Photo: VNA)
Hanoi (VNA) – The National Assembly (NA)Standing Committee on March 23 passed the resolution on environmentalprotection tax rates on petroleum, oil and lubricants, which will take effect fromApril 1 till December 31, 2022.
Under the resolution, the tax rate for gasoline willbe cut by 2,000 VND (0.087 USD) per litre; and the rates for diesel, fuel oil,and lubricant will drop by 1,000 VND per litre, grease by 1,000 VND per kg, andkerosene by 700 VND per litre.
The tax on jet fuel, which had been lowered by 1,500VND per litre earlier, remains unchanged.
The environmental protection tax rates on petroleum,oil and lubricants will be implemented in conformity with Resolution No.579/2018/UBTVQH14 of the NA Standing Committee from January 1, 2023.
Earlier, Minister of Finance Ho Duc Phoc stressed thatit is crucial to issue the resolution, explaining that surging oil and gasprices will put pressure on production, business and consumption.
Nguyen Phu Cuong, Chairman of the NA Finance-BudgetCommittee, said most of his committee’s members shared the view that thereduction is to quickly stabilise the petroleum market amid the supply crunch,contributing to socio-economic recovery and development post COVID-19, and ensuringharmonious interests of people, businesses and the State.
Some suggested the Government intensify management andinspection over the operations of oil and gas retailers, he added.
Meanwhile, Chairman of the NA Economic Committee VuHong Thanh suggested using other tools like export-import tariffs and specialconsumption tax for the long term.
In his remarks, NA Chairman Vuong Dinh Hue lauded theFinance Ministry’s proposal on the reduction to support people and businesses inthe face of the rising global oil prices.
Vice NA Chairman Nguyen Duc Hai suggested theGovernment consolidate regulations on oil and gas price management, review andadjust relevant fees and taxes, raise the national reserve capacity and use thepetrol price stabilisation fund reasonably./.
Vietnam will need to cut taxes and fees, in addition to using the petroleum price stabilisation fund if petrol prices keep rising, said a leader from the Ministry of Industry and Trade (MoIT).
Surging crude oil prices and earnings from real estate have pushed up Ho Chi Minh City’s state budget collection by nearly 15 percent in the first two months of 2022, as compared with the corresponding time last year.
The Vietnam Oil and Gas Group (PetroVietnam) has reported that its oil output reached 1.78 million tonnes in the first two months of this year, surpassing the set target by 24 percent.
The Party and State of Vietnam always attach great importance to and give top priority to the development of Vietnam–China relations. Vietnam is ready to work with the Chinese Party and State to further deepen the Comprehensive Strategic Cooperative Partnership and promote the building of the Vietnam-China community with a shared future that carries strategic significance.
Under the leadership of President Ho Chi Minh and the CPV, President Cuong said, the press has been a steadfast force on the ideological and cultural front, rallying the masses to pursue national aspirations.
NA Chairman Tran Thanh Man stressed the need to accelerate the application of artificial intelligence and smart teaching equipment, innovate teaching and assessment methods, and further improve the quality of formal education.
He also pledged that the NA will promote its ongoing supervision, making sure that every promise must lead to results, and every commitment must bring about real changes.
Minister of Industry and Trade Nguyen Hong Dien welcomed the proposals put forward by the US side and reiterated Vietnam’s request for consideration of key areas of interest, including reciprocal tariff policies and access for Vietnamese key export products to the US market.
Deputy PM Le Thanh Long proposed countries promote shared values, including building trust, sincerity, and solidarity among nations and peoples; fostering cooperation spirit and responsible behaviour as well as upholding international law and the UN Charter; and placing people at the centre and as the goal, the key player, and the driving force of all policies.
The show, together with a grand parade to be held silmutaneously at Ba Dinh Square in Hanoi, will celebrate the 80th anniversary of the August Revolution, the National Day, and the General Staff of the Vietnam People’s Army (VPA).
In particular, in April 2023, the two sides successfully carried out a joint operation that dismantled a major organised, transnational drug trafficking ring involving both Vietnamese and Cambodian suspects.
The Vietnamese Embassy in Israel is closely coordinating with relevant local agencies to stay informed and provide the utmost support possible for Vietnamese nationals.
The launch of Thanh Nien (Young People) newspaper in 1925, even before the founding of the Communist Party of Vietnam, is considered a testament to President Ho Chi Minh’s strategic foresight and strong belief in the guiding power of the revolutionary media.
New Zealand is currently one of Vietnam’s most important partners in the region, marked by a high level of political trust, strong and reliable defence and security cooperation, and increasingly open economic, trade, and investment ties.
Party General Secretary To Lam stressed that the Central Public Security Party Committee must be fully aware of the extremely important role of the People's Public Security force in the country's new revolutionary phase, so as to guide each branch and level of the force as the nation undergoes transformation.
Addressing concerns over university education spending, Son explained that as public universities gain greater autonomy, the Ministry of Finance has scaled back recurrent state funding. “Over the past decade, as autonomy has increased, the State's support has steadily declined”, he noted
Lao Minister of Foreign Affairs Thongsavanh Phomvihane affirmed that the presence of Vietnamese press offices in Laos vividly demonstrates the great friendship, special solidarity, and comprehensive cooperation between the two nations, as the press is not only a means of communication but also an important bridge for spreading consciousness about the history, values, and strategic depth of the Laos – Vietnam relationship to the people of both countries and the international community.
The country is willing to participate in collective efforts to promote cooperation and mobilise resources to advance the current priority issues of developing countries, such as trade, investment, infrastructure connectivity, making the most of scientific and technological advances for development, and people-to-people exchanges, Hang said.
During the negotiations, the US highly evaluated Vietnam’s goodwill and efforts, affirmed its appreciation for the bilateral relationship, acknowledged Vietnam’s proposals and concerns, and considered these an important basis for continuing discussions and moving towards a final agreement.
The Chairman stressed the need for stricter fiscal discipline, faster digital transformation, and more efficient management of State budget revenues and expenditures.
Minister of Finance Ho Duc Phoc speaks at the working session. (Photo: VNA) 
