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Vietnam Business » Vietnam Economic News » Transport Firms in Vietnam Could Raise Fees by 7 per cent-12 per cent: VATA

Transport Firms in Vietnam Could Raise Fees by 7 per cent-12 per cent: VATA

The Vietnam Automobile Transport Association (VATA) said that transportation companies may raise rates by 7 per cent to 12 per cent after the government decided to raise the retail price of petroleum products by 5 per cent to 5.2 per cent in early July. The transportation fees will go up no more than 15 per cent; meanwhile, taxi fares could see an increase of VND500 to VND1,000/kilometer, the association’s Chairman, Nguyen Manh Hung, said.

Petroleum expenses account for 40 per cent to 45 per cent of total transportation costs while petroleum prices have increased 30 per cent over the last four months, Hung explained.    Normally, transportation fee increases take effect 15 days after the date of the petroleum price hike.   Since the beginning of this year, the government has raised retail prices of petroleum products five times.

Vietnam Business And Financial News Network. Source [vcci]

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