Crude oil export tax to be halved

Hanoi (VNA) - The export tax for crude oil will fall to 10 percent from the
current 20 percent, after a decree signed on Oct. 30 by Do Hoang Anh Tuan,
Deputy Minister of Finance, becomes effective on Nov. 8.

The decree aims to support Vietnamese crude oil exporters as world prices
for crude oil have been falling in recent weeks, affecting exporters'
revenues.

The Vietnam National Oil and Gas Group (PetroVietnam) reported earnings of
9 billion USD from exports of 10.4 million tonnes of crude oil in the first
nine months of this year, 49 percent more than the same period last year.

Phan Thi Hoa, on the management board of PetroVietnam, said the average
export price for crude oil was 116 USD per barred in the first three
quarters of this year.

However, from the end of September, the world crude oil prices have fallen
and even touched 60 USD per barrel before recovering to the current 70 USD
per barrel.

The group anticipates prices to be around 90 USD per barrel by the end of
the year.-Enditem