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Jet fuel import tax to be restored in Vietnam


October 23, 2008

Jet fuel import tax to be restored in Vietnam

Vietnam will reimpose an import tariff of 5 percent on jet fuel, following lower world oil prices, Reuters reported, quoting a state-run newspaper Thursday.

The new tariff will be effective from Nov. 2, the ruling Communist Party-run Nhan Dan (People) newspaper cited a Finance Ministry directive as saying.

Hanoi waived the tariff on aviation fuel in July as part of efforts to help its three domestic carriers cope with record high world prices.

Vietnam imports all of its jet fuel requirement as it lacks refineries.

Flag carrier Vietnam Airlines has said it would have to pay nearly $138 million in additional fuel costs this year if crude prices stayed above $140 a barrel.

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