NA Standing Committee adopts resolution on environmental protection tax rates

The National Assembly (NA) Standing Committee on March 23 passed the resolution on environmental protection tax rates on petroleum, oil and lubricants, which will take effect from April 1 till December 31, 2022.

Minister of Finance Ho Duc Phoc speaks at the working session.

Minister of Finance Ho Duc Phoc speaks at the working session.

Under the resolution, the tax rate for gasoline will be cut by VND2,000 (US$0.087) per litre; and the rates for diesel, fuel oil, and lubricant will drop by VND1,000 per litre, grease by VND1,000 per kg, and kerosene by VND700 per litre.

The tax on jet fuel, which had been lowered by VND1,500 per litre earlier, remains unchanged.

The environmental protection tax rates on petroleum, oil and lubricants will be implemented in conformity with Resolution No. 579/2018/UBTVQH14 of the NA Standing Committee from January 1, 2023.

Earlier, Minister of Finance Ho Duc Phoc stressed that it is crucial to issue the resolution, explaining that surging oil and gas prices will put pressure on production, business and consumption.

Nguyen Phu Cuong, Chairman of the NA Finance-Budget Committee, said most of his committee’s members shared the view that the reduction is to quickly stabilise the petroleum market amid the supply crunch, contributing to socio-economic recovery and development post COVID-19, and ensuring harmonious interests of people, businesses and the State.

Some suggested the Government intensify management and inspection over the operations of oil and gas retailers, he added.

Meanwhile, Chairman of the NA Economic Committee Vu Hong Thanh suggested using other tools like export-import tariffs and special consumption tax for the long term.

In his remarks, NA Chairman Vuong Dinh Hue lauded the Finance Ministry’s proposal on the reduction to support people and businesses in the face of the rising global oil prices.

Vice NA Chairman Nguyen Duc Hai suggested the Government consolidate regulations on oil and gas price management, review and adjust relevant fees and taxes, raise the national reserve capacity and use the petrol price stabilisation fund reasonably.

VNA

Other News

National Assembly Chairman urges renovation in leadership, working style

National Assembly Chairman urges renovation in leadership, working style

The NA's Committee for Cultural and Social Affairs has moved fast to reshuffle its organisation after the 14th National Party Congress and the election of deputies to the 16th NA, updating its work agenda to match new directives set out in the resolutions of the 14th National Party Congress and the first Congress of the NA Party Organisation for the 2025–2030 term.

Vietnam treasures ties with Croatia: PM

Vietnam treasures ties with Croatia: PM

Vietnam and Croatia should strive to double bilateral trade turnover from the current level of 161 million USD; study the establishment of a Joint Committee on Economic Cooperation to create a long-term, stable, and effective framework for collaboration, said Prime Minister Le Minh Hung.

President Ho Chi Minh's enduring legacy highlighted at Venezuela commemoration

President Ho Chi Minh's enduring legacy highlighted at Venezuela commemoration

Vice President of the United Socialist Party of Venezuela (PSUV) Jesús Faria expressed deep admiration for President Ho Chi Minh and Vietnam’s indomitable struggle for national independence. He described President Ho Chi Minh as an immortal symbol of 20th-century national liberation movements, whose legacy continues to inspire leftist parties, progressive movements, and peoples across Latin America, including Venezuela.

Vietnam proposes key cooperation orientations at BRICS Foreign Ministers' Meeting

Vietnam proposes key cooperation orientations at BRICS Foreign Ministers' Meeting

Deputy Foreign Minister Nguyen Minh Hang shared Vietnam’s approach to building an independent and self-reliant economy linked to deep international integration, while proposing several key areas for enhanced cooperation between BRICS and partner countries at the Expanded BRICS Foreign Ministers' Meeting that opened on May 14 in India.

Vietnam asks parties to respect its sovereignty over Truong Sa

Vietnam asks parties to respect its sovereignty over Truong Sa

PSNews - The spokesperson stated that the dispatch of personnel by relevant parties to features belonging to Truong Sa without Vietnam’s permission constitutes a violation of Vietnam’s sovereignty under international law. She stressed that such actions run counter to the Declaration on the Conduct of Parties in the East Sea (DOC) as well as ongoing efforts by countries to negotiate a Code of Conduct in the East Sea (COC).

Hanoi to host ASEAN Future Forum 2026 in mid-June

Hanoi to host ASEAN Future Forum 2026 in mid-June

PSNews - Vietnam’s proposals placed the highest priority on ensuring a peaceful and stable environment conducive for continued sustainable development and improving the well-being and happiness of the ASEAN people. They were praised by member states and incorporated into the core contents of the ASEAN Leaders’ Statement on the response to the Middle East crisis.

Vietnam promotes cooperation with United Nations on crime prevention

Vietnam promotes cooperation with United Nations on crime prevention

Vietnam highly values the support of the United Nations Office on Drugs and Crime (UNODC) in strengthening national capacity in crime prevention and criminal justice, drug control, and addressing emerging challenges, particularly cybercrime, said Ambassador Vu Le Thai Hoang.

Party, State leader calls for consolidation of central steering committees on legal, judicial reform

Party, State leader calls for consolidation of central steering committees on legal, judicial reform

Consolidating the central steering committees for institutional and legal reform and for judicial reform is necessary in order to streamline organisational structures without reducing responsibilities, while ensuring clear accountability, measurable outputs and concrete results. Following the restructuring, the body will be renamed the central steering committee for institutional improvement and law enforcement, with the Party General Secretary and State President serving as its head.

Vietnam strives for substantive outcome at NPT review conference

Vietnam strives for substantive outcome at NPT review conference

At the meeting this week, Ambassador Viet briefed the UNGA President on developments during the first two weeks of the conference. He stressed that the current international geopolitical landscape poses numerous complex challenges, while reaffirming Vietnam’s determination, together with other member states, to promote substantive and balanced outcomes at the conference.

Top leader of Vietnam receives Vientiane official in Hanoi

Top leader of Vietnam receives Vientiane official in Hanoi

The host leader stressed that cooperation between localities, particularly between the capitals of Hanoi and Vientiane, plays an especially important role as a pioneering force in effectively implementing the foreign polices of the two Parties and States, while also serving as a bridge between politics and development, as well as between strategy and concrete action.