Tougher taxes ordered after alarming trade gap
Source: 13-MAY-2008 Intellasia | 11/May/2008 Nguoi Lao Dong
May 13, 2008 - 7:00:00 AM Prime minister has ordered ministries of finance, industry and trade and State Bank of Vietnam to carry out some measures to reduce the ballooning trade deficit, which spiked 70% yoy to US$11.07 billion on import spending of US$29.36 billion and exports of just US$18.28 billion.

Accordingly, the finance ministry was assigned to rule details of the implementation of law on import and export tariffs pursuant to Clause 11, Decree 149 dated December 8, 2005, and adjust the tariffs on some commodity items based on Point 3, Item IV Resolution No 10 dated April 17, 2008.

Meanwhile, SBV was ordered to consider and tackle gold imports to control the domestic price of gold.