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Vietnam plans to cut environment tax on jet fuel by 50% due to coronavirus pandemic

November 30/2021

MOSCOW (MRC) -- Vietnam plans to further cut environment tax on jet fuel to help the airline industry, which is struggling from the impacts of the coronavirus pandemic, said Reuters citing finance ministry.

The ministry is seeking government approval to lower the jet fuel tax by 50% for the whole of 2022, compared with the current 30% cut, which is due to expire at the end of this year. "It's necessary to continue cutting environment tax in 2022 to help local airlines weather the impact of the coronavirus pandemic," it said in a statement. "Jet fuel tax will be at 1,500 dong (USD0.0662) per liter after the cut."

Vietnam imposed tight border controls at the start of the pandemic and suspended almost all inbound flights to keep out COVID-19, which dealt a blow to its airline industry. Official data showed the industry suffered a loss of 16 T dong (USD705.78 MM) in 2020, when Vietnam was only mildly affected by the virus.

This year's loss is expected to be greater as domestic flights were halted for nearly six months while movement curbs were imposed to contain the country's worst outbreak so far. According to the ministry, environment tax reduction would help the aviation industry to overcome difficulties, especially when the country was seeking to resume international flights next year.

As per MRC, Nghi Son Refinery and Petrochemical (NSRP) resumed  operations at its new polypropylene (PP) plant in Vietnam on 17 October, 2021, after an unscheduled maintenance. The 400,000 mt year of PP plant was unexpectedly shut on 7 October, 2021,  due to a technical glitch.

According to MRC's ScanPlast report, PP shipments to the Russian market were 1,138,510 tonnes in January-September 2021, up by 30% year on year. Supply of propylene homopolymer (homopolymer PP) and block-copolymers of propylene (PP block copolymers) increased, whereas supply of injection moulding statistical copolymers of propylene (PP random copolymers) decreased significantly.
Author:Anna Larionova
Tags:petroleum products, crude oil, PP, PP block copolymer, homopolymer PP, PP random copolymer, PP-stat, neftegaz.
Category:General News
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