Vietnam to remove fuel tariffs amid supply disruption due to Iran war

Core Viewpoint - Vietnam is set to remove import tariffs on fuels to address supply disruptions caused by the military conflict in the Middle East, with the measure expected to last until the end of April [1]. Group 1: Tariff Removal - The import tariffs on fuels in Vietnam can reach up to 20%, but most imports from countries with free-trade agreements are exempt from these tariffs [1]. - The removal of tariffs is anticipated to reduce state revenue by 1.02 trillion dong (approximately $39 million) [1]. Group 2: Domestic Fuel Prices - Domestic fuel prices in Vietnam have increased by 21%-32% since the onset of the U.S.-Israeli war with Iran [1]. Group 3: Government's Rationale - The government views the tariff removal as a necessary step to support businesses in securing supply sources, stabilize the domestic petroleum market, and ensure energy security [1].