While the Vietnamese government has yet to decide on the reduction of the environmental protection tax on petrol, concerns have been raised regarding petrol imports, as local refineries already face losses due to impending machinery shutdowns, such as at Dung Quat Refinery.
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Minister of Industry and Trade Nguyen Hong Dien has asked banks to facilitate gasoline imports for suppliers and retailers by easing lending conditions and raising credit limits.
Vietnam needs to reduce taxes and fees for petrol and oil products to stabilise the domestic petroleum market and ensure economic growth, according to experts.