Vietnam, Southeast Asia’s third-biggest oil producer, is set to increase the tax on crude oil exports, said Tran Xuan Ha, the country’s deputy finance minister.
“We are working on a plan to raise the tax on the export of crude oil,’’ Ha said in an interview at the ASEAN finance ministers’ meeting in the central Vietnamese port city of Da Nang.
“The purpose is to contribute to the state budget.’’
The country earlier reported crude exports dropped 10 percent in the first quarter because of a decline in output.
“The expectation is quite ambitious because of the accelerating inflation,’’ said Hoang Xuan Quyen, chief analyst at Tan Viet Securities Inc. in Hanoi.
He expects more investors to withdraw deposits from banks to invest in higher-yielding assets.
Vietnam’s inflation accelerated for a 13th straight month, driven by a surge in food prices, pushing the year-on-year rate to the highest since mid-1995.
The government also cut its target last week for the economy to expand 7.5 percent in 2008 from its earlier forecast of 9 percent.
Source: Bloomberg
“We are working on a plan to raise the tax on the export of crude oil,’’ Ha said in an interview at the ASEAN finance ministers’ meeting in the central Vietnamese port city of Da Nang.
“The purpose is to contribute to the state budget.’’
The country earlier reported crude exports dropped 10 percent in the first quarter because of a decline in output.
“The expectation is quite ambitious because of the accelerating inflation,’’ said Hoang Xuan Quyen, chief analyst at Tan Viet Securities Inc. in Hanoi.
He expects more investors to withdraw deposits from banks to invest in higher-yielding assets.
Vietnam’s inflation accelerated for a 13th straight month, driven by a surge in food prices, pushing the year-on-year rate to the highest since mid-1995.
The government also cut its target last week for the economy to expand 7.5 percent in 2008 from its earlier forecast of 9 percent.
Source: Bloomberg
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