0
Saturday,  Aug 19,2017,18:20 (GMT+7)

Over 90% of fuels imported from SE Asia, South Korea in Jan-Jul

Minh Tam
Saturday,  Aug 12,2017,00:16 (GMT+7)
Zoom in

Zoom out

Add to Favorites

Print

Send to a friend

Over 90% of fuels imported from SE Asia, South Korea in Jan-Jul

Minh Tam

A motorcycle is refilled at a gas station in HCMC. Vietnam imported 5.1 million tons of fuels from Southeast Asia and 1.7 million tons from South Korea - PHOTO: THANH HOA

HCMC – Vietnam imported 5.1 million tons of fuels from Southeast Asia and 1.7 million tons from South Korea, accounting for over 90% of the total in the January-July period.

A report of the General Department of Vietnam Customs shows Singapore took the lead with 3.06 million tons of fuels sold to Vietnam in the seven-month period, up from 2.79 million tons a year earlier.

However, the import of fuels from Malaysia declined to around 1.5 million tons, followed by Thailand with around 567,500 tons.

Many local companies opt for South Korea as their fuel imports from the Northeast Asian country enjoy the most favorable tariff under the ASEAN-Korea free trade agreement.

In particular, Vietnamese firms are subject to a tariff of 10% for fuel imports from South Korea, 10 percentage points lower than from other markets. As a result, fuel imports from the nation as of end-June almost doubled year-on-year to 1.72 million tons.

Overall, the volume of fuel import from the ASEAN market accounted for 67.9% of the total while the figure for South Korea was 22.8%.

Domestic fuel wholesalers are benefiting from the tax difference. However, the State budget is suffering from a sharp decline in revenue.

Vietnam spent US$3.9 billion purchasing 7.55 million tons of fuels in the period, respective rises of 34.2% and 4.6%.

Share with your friends:             
 

Giấy phép Báo điện tử số: 321/GP-BTTT, cấp ngày 26/10/2007
Deputy Editor-in-Chief: Pham Huu Chuong
Managing Editors: Nguyen Van Thang, Huynh Cam Tung
Head Office: 35 Nam Ky Khoi Nghia St., Dist.1, Ho Chi Minh City, Vietnam. Tel: (84.8) 829 5936; Fax: (84.8) 829 4294.
All rights reserved. Developed by Mat Bao Company.