Minister of Finance Ho Duc Phoc responds to parliamentary questions in Hanoi on June 8. (Photo: VNA)Hanoi (VNA) - The Ministry of Finance is consideringto put forward another proposal for further fuel duty cut, Minister Ho Duc Phoctold the 15th National Assembly during its third sitting in Hanoi on June 8amid concerns over soaring fuel prices.
Fuel prices in Vietnam are relatively higher than those ofneighbouring countries, Phoc said, and it is up to the NA and its StandingCommittee to decide whether fuel tariffs should be reduced. The NA agreedto lower the environment tax on fuel earlier this year, he noted.
A further tax cut must come along with a comprehensive course ofactions to prevent smuggling, the minister said, adding that fuel prices arenot only driven by taxes but also the supply-demand law.
In response to a question raised on how tosustainably develop the more transparent stock and bond markets, Phoc said hisministry will further intensify inspection of listed companies and securities firmsand coordinate with the State Bank of Vietnam to strengthen governance andsupervision of the issuance and purchase of corporate bonds and the provisionof related services.
He went on to note that the ministry will continue closelycollaborating with the police to investigate stock market manipulation casesand handle groundless rumors on the market while punishing officials for violatingrules.
It will also revise legal documents to improve thetransparency of information disclosure in order to protect the legitimaterights of stakeholders and tighten control of securities companies./.
