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Finance Ministry to propose further fuel duty cut | Politics

Finance Ministry to propose further fuel duty cut hinh anh 1Minister of Finance Ho Duc Phoc responds to parliamentary questions in Hanoi on June 8. (Photo: VNA)

Hanoi (VNA) – The Ministry of Finance is considering
to put forward another proposal for further fuel duty cut, Minister Ho Duc Phoc
told the 15th National Assembly during its third sitting in Hanoi on June 8
amid concerns over soaring fuel prices.

Fuel prices in Vietnam are relatively higher than those of
neighbouring countries, Phoc said, and it is up to the NA and its Standing
Committee to decide whether fuel tariffs should be reduced. The NA agreed
to lower the environment tax on fuel earlier this year, he noted.

A further tax cut must come along with a comprehensive course of
actions to prevent smuggling, the minister said, adding that fuel prices are
not only driven by taxes but also the supply-demand law.

In response to a question raised on how to
sustainably develop the more transparent stock and bond markets, Phoc said his
ministry will further intensify inspection of listed companies and securities firms
and coordinate with the State Bank of Vietnam to strengthen governance and
supervision of the issuance and purchase of corporate bonds and the provision
of related services.

He went on to note that the ministry will continue closely
collaborating with the police to investigate stock market manipulation cases
and handle groundless rumors on the market while punishing officials for violating

It will also revise legal documents to improve the
transparency of information disclosure in order to protect the legitimate
rights of stakeholders and tighten control of securities companies./.


Read More: Finance Ministry to propose further fuel duty cut | Politics

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