Vuong Dinh Hue, Minister of Finance on Tuesday said that the ministry is considering the proposal sent by the Vietnam Gas Association to reduce the gas import tariff to assist businesses to lower retail prices.
|Ministry considering reduction of gas import tariff to help businesses lower retail prices (Photo: SGGP)|
Before taking a decision, the ministry has to take into account the impact of gas prices on other commodities, Hue said.
Early February, the Vietnam Gas Association had sent a proposal to the Government Office, asking for reduction of the gas import tariff from five to two per cent. This was aimed to assist businesses to slash gas retail prices, sharing in the inconvenience of consumers.
The Government Office then asked the ministry to consider the association’s proposal.
According to calculations made by the association, if import tax is slashed as proposed, the retail gas price might decrease by VND10,000 on a 12kg domestic cooking gas cylinder.
The Departments of Finance in HCMC and Hanoi have begun looking into business operations of gas companies and clarify and ascertain if the retail price hike was appropriate and justified in the event of hike in global prices.