Vietnam plans temporary fuel import tariff waiver as oil surges past $100
Vietnam plans to temporarily remove import tariffs on fuel until the end of April to safeguard supplies after Middle East conflict disrupted deliveries, Reuters reported, as Brent and WTI spiked more than 20% in volatile trade.
Vietnam is planning to temporarily remove import tariffs on fuel to ensure adequate supplies after energy deliveries were disrupted by escalating conflict in the Middle East, Reuters reported on Monday.
The measure is expected to remain in effect until the end of April 2026, with the Ministry of Finance preparing a resolution for implementation, according to a government statement issued late on Sunday.
Vietnam’s fuel import tariffs can be as high as 20%, although most imports from countries with which Vietnam has free trade agreements are already exempt, Reuters reported.
Domestic fuel prices have already risen by 21% to 32% since the US-Israeli war with Iran began, the government said. The tariff waiver through the end of April would reduce state revenue by around 1.02 trillion dong (about 39 million dollars), Reuters reported.
“This tariff removal solution is considered necessary to support businesses in proactively securing their supply sources,” the government said.
Oil markets have been highly volatile. In Monday trade, Brent jumped 23% to $114.36 a barrel, its biggest daily gain since at least 1988, while US WTI surged 27% to $115.11, Reuters reported — a move that signalled consumer fuel prices could rise quickly.
