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18 MARZO 2019

10:38 - Vietnam

VIETNAM MULLS ZERO TARIFF ON OIL, MINERAL IMPORTS

(ICE) - ROMA, 18 MAR - Vietnam is considering scrapping import tariffs on crude oil and minerals. The Ministry of Finance recently proposed eliminating the 5 percent tariff to "take away difficulties faced by businesses" that import crude oil. It had earlier received a petition from state oil firm PetroVietnam to scrap the tariff. The country’s first oil refinery, Dung Quat, is not running at full capacity due to a shortage of crude oil, the ministry said. Saying non-renewable resources in the country are low, it pointed to a need to import minerals and ores to serve the growing demand from the manufacturing sector. Mining output was down 2 percent last year, while crude oil production fell by 11.3 percent, according to the General Statistics Office. The country imported $2.75 billion worth of crude oil last year, 5.7 times that of 2017, according to Vietnam Customs. (ICE HO CHI MINH CITY)