It said if global prices increase sharply, Vietnam could consider lowering the environmental protection tax on petroleum and oil products and, if necessary, excise and value-added tax (VAT).

Minister of Finance Ho Duc Phoc told the House Thursday that if global prices rise, bringing inflationary pressure on Vietnam, the government would propose an excise cut on gasoline of up to 50% and slashing VAT on gasoline, jet fuel, diesel oil, kerosene, fuel oil, lubricants, and grease by up to 50%.

The committee chief, Nguyen Phu Cuong, said the National Assembly would not consider the tax reduction now or in the near future since the government’s report has not analyzed and assessed the impacts of the proposal.

The National Assembly began a new session Thursday.

Gasoline import costs rose by 131.8% year-on-year in the first nine months to US$6.8 billion.