Vietnam tightens checks on oil product imports from ASEAN
According to media reports, Vietnam’s customs department is reviewing imports of oil products from other members of the Association of Southeast Asian Nations (ASEAN) to verify that they qualify for the tax reductions provided for in the ASEAN Free Trade Agreement, to which Vietnam is a party. As part of the free trade agreement, ASEAN members are eligible for a tax reduction on imports of oil products such as diesel, jet fuel and kerosene as long as at least 40% of the material is produced in the refineries in member countries, including Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand and Vietnam.