​Vietnam halves import tariff on gasoline to 10%

The MFN import tariff is a standard rate applied for trade between World Trade Organization (WTO) members unless a separate trade agreement exists.

But the cut is unlikely to reduce gasoline prices since Vietnam imported over 90% of its fuel from ASEAN member countries and South Korea under free trade agreements (FTAs) at 8% tariff.

But it will reduce Vietnam’s dependence on those sources and help diversify its supply.

Taxes account for 19.4-22% of gasoline prices in Vietnam, lower than in many other countries.