Economists say that the government’s Decree No. 72/2026/ND-CP revising preferential import tax rates for certain gasoline, oil, and inputs used to produce
fuels is a timely move that broadens supply, reduces import costs, and enhances the economy’s ability to cope with unpredictable shocks in the global energy market. Global energy markets have recently been volatile due to geopolitical tensions and risks of supply-chain disruptions. Tensions in strategic oil transport corridors have raised the risk of supply shortfalls, causing prices for oil and energy products to swing. In this context, actively managing policy to ensure a stable domestic supply becomes particularly important. One tool used flexibly is fiscal policy, including adjustments to import taxes. Economist Dinh Trong Thinh said adjusting import taxes on gasoline and oil is significant for diversifying supply, reducing dependence on a few traditional markets, and thus improving resilience to supply shocks in the international energy market. In the face of increasing geopolitical volatility, ensuring access to multiple supply sources is seen as a key factor in strengthening energy security. From a market perspective, Nguyen Quang Huy, CEO of the Finance-Banking Faculty at Nguyen Trai University, said that in the energy market, not only production but also transport and supply-chain security can markedly affect prices. When the risk of disruption appears, importers tend to boost purchases while financial markets quickly adjust prices to reflect geopolitical risk premia. According to Nguyen Quang Huy, recent volatility in oil prices mainly reflects international market dynamics and short-term expectations. However, global crude oil supply remains basically adequate and major producers still have room to adjust output. The OPEC+ alliance’s expected production increase from April 2026 is seen as a positive signal that will help replenish supply and ease price pressures in the near term. On March 9, 2026, the government issued Decree No. 72/2026/ND-CP revising preferential import tax rates for gasoline, oil and inputs used to produce fuels. The decree reduces the import tax on unleaded gasoline for engines from 10% to 0%; other important fuels such as diesel, fuel oil, aviation fuel and kerosene are also reduced from 7% to 0%. Additionally, petrochemical feedstocks such as condensate, xylene, and p-xylene used to produce fuels are reduced to 0% import tax. This policy is applicable from March 9 to April 30, 2026. The Ministry of Finance states that the tax cut aims to secure national energy security, diversify energy supply, and balance short-term demand with long-term energy reserves. Experts also say this will enable fuel importers to broaden supply from multiple markets. Currently, Vietnam imports most gasoline from ASEAN and Korea with 0% tariff under FTAs. However, globally, importing finished gasoline from these regions can face difficulties. Regional refineries may cut capacity, rely on crude stockpiles, and restrict exports of finished fuels, potentially pushing prices higher. If the above trend persists, domestic supply could face obstacles, hindering Vietnam’s ability to ensure fuel supply and price stability. Experts say adjusting import taxes on gasoline and oil is a crucial policy tool to stabilize the domestic market. Fuels are essential inputs in the economy, directly affecting production costs, transport, and price levels. Consequently, proactively adjusting tax policy to secure supply and limit price volatility is viewed as a necessary measure to maintain macroeconomic stability and curb inflation. In an increasingly unpredictable global energy market, experts say flexible management of fiscal policy, combined with diversification of import sources and enhanced energy storage capacity, will be key factors helping Vietnam strengthen its ability to respond to supply shocks in the international market.
