Vietnam increases petrol imports from ASEAN, South KoreaVietnam imported petroleum mainly from the ASEAN and South Korea in the first seven months of 2017, which together accounted for 90 per cent of the imports. Vietnamese petroleum firms increased imports from ASEAN countries and South Korea to enjoy preferential taxes. However, Malaysia saw a sharp drop in petrol exports to VietnamThis is because Vietnam has increased its petrol imports from South Korea as it enjoys a preferential import tax. Under the Free Trade Agreement (FTA) between the ASEAN and South Korea, signed in May 2015, Vietnam reduced import tariff on gasoline from South Korea to 10 per cent from 20 per cent for other markets, effective December 20, 2015. The country’s petrol imports from the ASEAN countries in the January-July period accounted for 68 per cent of its total imports, while from South Korea accounted for 23 per cent, a total of 90.7 per cent.

Source: VietNamNet News August 10, 2017 08:03 UTC