25-05-04 Vietnam has lowered the import tariff on 12 kinds of petroleum products to 0 % from 5 %, and halved the tariffs on other kinds of oil. Under a decision by the Ministry of Finance, the zero tariff is to be imposed on 12 kinds of petroleum products, including lead and non-lead petroleum and light oil.
Besides, import taxes on jet fuel, oil for aircraft engines and 14 other products made from crude oil are to decrease to 5-10 % from 10-20 %.

The decision was issued at a time when local petroleum traders, which have to sell products at the government-set prices, are racking up big losses due to increasing prices of oil and gas in the world market. Nine state-run petroleum wholesalers made total losses of 1.2 tn Vietnamese dong (about $ 76.5 mm) in the first quarter of 2004.
Vietnam imported nearly 3.8 mm tons of petroleum products worth $ 1.1 bn in the first four months of this year, respective year-on-year rises of 7.3 % and 19.4 %, according to the General Statistics Office.

Meanwhile, the country exported over 6.5 mm tons of crude oil worth roughly $ 1.6 bn, up 11.7 % and 17.1 %, respectively. It imported more than 9.8 mm tons of petroleum products, and exported 17.2 mm tons of crude oil last year.
Its demand for petroleum products is expected to reach 13.3 mm tons in 2005, and 19.2 mm tons in 2010. Of the figures, diesel oil will make up 38 %, fuel oil 24 % and petroleum 23 %.