23 February 2018 – The Vietnamese Finance Ministry has proposed raising environmental protection taxes on oil and petroleum products from July 1 to increase tax collection by 15,684 billion Vietnamese dong (nearly 694 million U.S. dollars) a year. The tax hike is necessary because import taxes on oil and petroleum products are declining sharply, the ministry said, noting that the current import tax on petroleum products is 20 percent, and that on oil products is 7 percent, and the respective rates will be slashed to 10 percent and zero percent in line with Vietnam’s tariff commitments. Read the full article on the Xinhua website.