HANOI, March 9 (Xinhua) -- Vietnam's Ministry of Finance has proposed reducing the most-favored-nation (MFN) import tariff to 0 percent for several petroleum products, local daily VnEconomy reported Monday.
The move aims to help businesses proactively secure supply and ensure market stability, the report said.
The proposal was outlined in a draft decree amending preferential import tariffs for certain goods, which has been submitted to the Ministry of Justice for appraisal.
The submission comes amid ongoing geopolitical tensions involving the United States, Israel and Iran, which are significantly affecting the global energy market and posing potential risks to Vietnam's fuel business operations as well as the security of petroleum supply.
The Ministry of Finance estimates that if the new tariff rate is applied based on the 2025 import turnover, state budget revenue could decrease by more than 1 trillion Vietnamese dong (about 39.9 million U.S. dollars).
