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“Vietnam is considering a program to scrap tariffs connected substance imports,” the authorities said, arsenic the U.S.-Israeli warfare with Iran disrupts lipid supplies and pushes prices to their highest level since 2022.
The Ministry of Finance said connected Sunday (March 8, 2026) it had drafted a decree that would slash import taxation rates to zero connected immoderate petroleum products to "help stabilise the home marketplace and guarantee nationalist vigor security".
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"If the struggle continues and the blockade of the Strait of Hormuz persists, alternate supplies connected the planetary marketplace volition go scarce and hazard driving prices up," it said successful a statement, referring to the waterway done which a 5th of planetary crude usually passes.
Since the warfare began much than a week agone with U.S. and Israeli strikes connected Iran, prices of substance successful Vietnam person risen sharply and the authorities has implemented exigency pricing protocols.
The outgo of the astir wide utilized people of gasoline has risen 21% to 27,040 Vietnamese dong ($1.03) per litre — the highest since July 2022, authorities media reported. Diesel prices person surged much than 50%.
Vietnam presently imposes tariffs of 10% connected unleaded gasoline and 7 per cent connected diesel, aviation substance and kerosene — each of which would beryllium temporarily removed nether the caller decree.
Vietnam has truthful acold avoided wide shortages and agelong substance lines, but authorities media reported that dozens of smaller petrol stations person either temporarily closed oregon shortened their operating hours owing to dwindling supplies.
Commuters, meanwhile, were feeling pinched astatine the pump, with immoderate despairing of what a prolonged Middle East struggle could mean.
"The terms is sky-high. My wage is inactive the aforesaid but the terms of the state is importantly going up," said Le Quang (25), a teacher surviving successful Ho Chi Minh City. "I deliberation I volition request to locomotion to work."
According to the Finance Ministry's proposal, which indispensable beryllium approved by the government, the tariff decree would beryllium effectual until the extremity of April.
The situation successful the Middle East has seen crude prices soar to astir $120 a barrel, the highest since Russia's penetration of Ukraine successful aboriginal 2022.
