Intellasia News Services -- Finance ministry to subsidise 10 trillion dong to petroleum enterprises

Finance ministry to subsidise 10 trillion dong to petroleum enterprises
Source: 30-APR-2008 Intellasia | Thoi Bao Kinh Te Vietnam
30 Apr, 2008 - 7:00:00 AM
The Ministry of Finance will deduct about 10 trillion dong to subsidise petroleum enterprises, announced Ministry of Industry and Trade's Domestic Market Policy Department.

The subsidisation aims to solve difficulties that petroleum enterprises now have to face in the context that the global oil price is climbing recently. The finance ministry also will subsidise another two trillion dong directly to enterprises subject to social policies.

Along with continuously keeping the import tariff of 0%, the finance ministry will advance 95% of total capital enterprises need to import oil. Previously, oil importers only were allowed to receive capital supply after finalising derivative losses under State Audit of Vietnam.

Ministries of industry and trade and finance required commercial banks to continue lending petroleum exporters.