Vietnamese
Rising tensions in the Middle East, particularly the conflict involving the US, Israel and Iran, have significantly affected the global energy market, especially shipping activity through the Strait of Hormuz – a strategic route for transporting crude oil from the region.
The Government on March 9 issued Decree 72/2026/ND-CP adjusting preferential import tariff rates on several fuel products and raw materials used in fuel production, aiming to help businesses secure supply and stabilise the domestic fuel market.
Rising tensions in the Middle East, particularly the conflict involving the US, Israel and Iran, have significantly affected the global energy market, especially shipping activity through the Strait of Hormuz – a strategic route for transporting crude oil from the region. Disruptions along this route have directly impacted Asia, which is heavily dependent on crude oil supply from the Middle East.
Facing that fact, the decree amends preferential import tariff rates for certain fuel products and inputs listed in Appendix II on the preferential import tariffs under the existing tax classification system.
Specifically, the preferential import tax for unleaded petrol is slashed from 10 per cent to zero. Import duties on petrol blending components such as naphtha and reformate (HS code 2710.12.80) is also reduced to 0 per cent.
Preferential import tariffs is also cut from 7 per cent to 0 per cent for diesel fuel, fuel oil, aviation fuel and kerosene.
Additionally, certain raw petrochemical materials such as xylene, condensate, and p-xylene will have their tax rates reduced from 3 per cent to 0 per cent, while other cyclic hydrocarbons will see their tax rates brought down to 0 per cent from 2 per cent.
This decree takes effect from March 9 to April 30. After this period, the preferential import tax rates for the listed fuel products and raw materials will revert to the provisions of Decree 26/2023/ND-CP, dated May 31, 2023, unless a proposal is made by the Ministry of Industry and Trade to extend the new decree's validity for urgent reasons related to economic and social development or stabilisation of the fuel market.-
(VNA/VLLF)
