Vietnam has just decided to increase import tariff imposed on petroleum products to 10 percent from 5 percent, according to the Tax Policy Department under the Finance Ministry on Wednesday.

The new tariff, to be applied from Friday, is partly because crude oil prices in the world has now declined to 55.7 US dollars per barrel from 58.9 dollars a week ago.

Vietnam imported over 9.6 million tons of petroleum products worth nearly 4.2 billion dollars in the first 10 months of this year, posting respective surges of 4.7 percent and 43.1 percent over the same period last year, according to the country's General Statistics Office.

Meanwhile, it exported roughly 15 million tons of crude oil worth over 6.2 billion dollars, down 7.2 percent in volume but up 33.5 percent in value.

To reduce reliance on petroleum imports, Vietnam on Monday started to construct its first oil refinery with annual refining capacity of 6.5 million tons in central Quang Ngai province. The refinery will go into operation in late 2008 or early 2009.