The Vietnam Gas Association has sent an official request to the Ministry of Finance to lower the gas import tax from 5 to 2 per cent.
Nguyen Si Thang, chairman of the Vietnam Gas Association said this is the first time that the world gas price has risen to an all time high of US$1,025 per ton and expected to rise even further.
Lowering the gas tax would reduce the sudden and inconvenient rise in gas prices, helping both enterprises and customers, Thang added.
If the import tax reduction is approved, the retail price on a 12 kg gas cylinder will fall by anything from VND7,000 to VND10,000.
The retail price of a domestic cooking gas cylinder has increased by VND42,000 on a 12 kg cylinder, which now costs the consumer VND425,000 - VND428,000 per cylinder from February 1.