Vietnam Proposes Zero Import Tariff for Certain Oil Products

March 10, 2026 | 02:27 pm

TEMPO.CO, Jakarta - Vietnam has proposed a zero percent import tariff for a number of oil products aimed at assisting businesses in proactively securing supplies and ensuring market stability, according to a report.

The proposal is outlined in a draft decree that revises preferential import tariffs for several goods, which has been submitted to the Ministry of Justice of Vietnam for review, as reported by Xinhua and cited by Antara.

The proposal comes amid ongoing geopolitical tensions involving the United States, Israel, and Iran, which significantly affect the global energy market and pose potential risks to fuel business operations in Vietnam and oil supply security.

The Ministry of Finance of Vietnam estimates that if the new tariffs are applied based on import turnover in 2025, state budget revenue could decrease by more than 1 trillion Vietnamese dong.

"If the conflict continues and the blockade of the Strait of Hormuz persists, alternative supplies on the international market will become scarce and risk driving prices up," the statement said, referring to the waterway through which one-fifth of global crude oil passes, as reported by CNA.

Since the war began over a week ago with the US and Israel's attacks on Iran, fuel prices in Vietnam have sharply risen, and the government has implemented emergency price-setting protocols.

The price of the most commonly used type of gasoline has risen 21 percent to 27,040 Vietnamese dong per liter, the highest since July 2022, according to government media reports.

According to the Ministry of Finance proposal, which must be approved by the government, the tariff decree will be in effect until the end of April.

The crisis in the Middle East has caused crude oil prices to spike to nearly US$120 per barrel, the highest since Russia's invasion of Ukraine in early 2022.

Philippines

In addition to Vietnam, another Southeast Asian country making adjustments following tensions in the Middle East is the Philippines.

Philippine President Ferdinand Marcos Jr. has ordered the temporary implementation of a four-day workweek system in selected government offices.

This policy takes effect from Monday, March 9, 2026. This directive is part of the government's emergency measures to address the impact of the ongoing war involving Iran, Israel, and the United States in the Middle East.

The four-day workweek system will not apply to agencies providing emergency and essential services, such as the police, fire department, and government offices providing frontline public services.

Dewi Rina Cahyani also contributed to this article.

Read: Prabowo Warns Indonesians of Difficult Times Due to Middle East War

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