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Vietnam to extend jet fuel tax cut to help its airlines

Vietnam to extend jet fuel tax cut to help its airlines

Tuesday, November 24, 2020, 14:35 GMT+7
Vietnam to extend jet fuel tax cut to help its airlines
A worker pumps fuel into a Vietjet Air A320 aircraft, in front of a Vietnam Airlines aircraft at Tan Son Nhat airport in Vietnam's southern Ho Chi Minh city October 20, 2013. Photo: Reuters

HANOI -- Vietnam plans to extend a 30% reduction in environment tax on jet fuel by one year until the end of 2021 to help local airlines weather the impact of the coronavirus pandemic, its finance ministry said on Tuesday.

The ministry cut the tax from VND3,000 ($0.13) per litre to VND2,100 for five months starting from August this year, it said.

“The aviation industry has suffered seriously,” the ministry said in a statement.

“The domestic market is expected to gradually recover for this year and next, but the international market will take a longer time.”

Vietnam’s National Assembly earlier this month approved a government plan to boost the capital of state carrier Vietnam Airlines, which reported a net loss of $453 million for the first nine months of this year as the coronavirus pandemic hammered air travel globally. ($1 = VND23,150)

Reuters

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