Hanoi: Vietnam has announced a temporary suspension of its environmental protection tax on fuel in a bid to curb surging energy prices amid escalating global tensions. The move, confirmed by the country's trade ministry on Friday, will see the tax
Email: online@newsofbahrain.com
Hanoi: Vietnam has announced a temporary suspension of its environmental protection tax on fuel in a bid to curb surging energy prices amid escalating global tensions.
The move, confirmed by the country’s trade ministry on Friday, will see the tax on gasoline, diesel, and aviation fuel reduced to zero effective immediately through April 15.
Officials said the measure is expected to cut retail fuel prices by more than 25%, providing immediate relief to consumers and businesses facing rising costs.
The ministry described the tax waiver as an “urgent and effective solution” to stabilise the domestic petroleum market and safeguard national energy security. The decision comes as the ongoing crisis around the Strait of Hormuz disrupts global supply chains, with authorities warning of what could become the “biggest energy bottleneck ever.”
Vietnam joins a growing number of countries taking emergency steps to cushion the economic impact of volatility in global oil markets.
Photo Credit: moit.gov.vn
