Ha Noi (VNA) – The Ministry of Industry and Trade has issued new regulations on refined petroleum imports and re-exports.
Under Decision No.01/2008QD-BCT, only businesses with licences granted by the ministry may import or export petroleum products.
The ministry will grant licences based on domestic supply and market prices in order to avoid negative impacts on the domestic market.
Payments for exported petrol must be made in convertible currencies in accordance with regulations provided by the State Bank of Viet Nam , the decision states.
Payment must be in Vietnamese dong for petrol sold to enterprises in export processing zones, industrial parks or high-tech zones. Payments for sales to Vietnamese airlines and vessels which operate international routes must also be made in dong.
Petroleum exporters are also required to take responsibility for sale prices as the State will not compensate for petroleum exported at a loss.
Temporarily imported petroleum products intended for re-export, the decision stipulates, may be imported in large lots and then either re-exported en masse or stored in domestic warehouses in smaller lots.
Petroleum products temporarily imported but subsequently not re-exported or not re-exported in their entirety may be retailed for domestic use upon completion of all taxes and other financial obligations.
Viet Nam exports crude oil but has to import all refined products. Despite fetching more from crude oil exports last year due to high global prices, the additional earnings were not enough to offset losses for imported petroleum products and subsidised retail prices, said the ministry.-Enditem
(VNAgency)
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