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Vietnam Looks To Attack Inflation With Fuel Tax Cuts

July 6, 2022, 9:27 AM

Vietnam is battling rising inflation by cutting taxes at the gas pump.

The National Assembly Standing Committee on Wednesday approved its second cut to the environmental fuel tax on gasoline in three months, a 50% reduction to 1,000 dong ($0.04) per liter that will go into effect July 11 through Dec. 31. The tax on diesel will be cut to 500 dong. The tax on jet fuel will be reduced by 500 dong to 1,000 dong a liter.

The government lowered retail gasoline prices July 1 for the first time after seven consecutive hikes. The RON-95 gasoline price announced early ...