Government agrees with MoF’s proposal on 2% VAT reduction for 2023
The Government has agreed with the Ministry of Finance (MoF)’s proposal on a plan to reduce taxes, fees and charges for 2023, which suggested a 2% reduction in the value added tax (VAT) on goods and services subject to a 10% VAT.
Hanoi (VNA) –The Government has agreed with the Ministry of Finance (MoF)’s proposal on aplan to reduce taxes, fees and charges for 2023, which suggested a 2% reductionin the value added tax (VAT) on goods and services subject to a 10% VAT.
According to adocument sent from the Government Office to the MoF, Deputy Prime Minister LeMinh Khai agreed on principle that the MoF reports to the Government forsubmission to the National Assembly (NA) and NA Standing Committee forconsideration and permission of the building and issuance of a NA resolution onVAT reduction with simplified order and procedures.
The Deputy PM askedthe MoF to work with the Ministry of Justice and other relevant ministries andagencies on the drafting of the resolution, and report to the Government beforeApril 25.
Regarding thecontinued reduction of fees and charges, the Deputy PM ordered the MoF to activelybuild relevant regulations on the work.
Under the MoF’sproposal submitted to the PM on April 14, the ministry suggested a VAT reductionfrom 10% to 8% for a number of goods and services, along with a 20% cut in the percentageof goods for VAT calculation for business establishments (including businesshouseholds and individuals) when issuing invoices for all goods and services subject to the VAT.
The ministry suggestedthat the policy, which is expected to boost the economy, should be applieduntil December 31.
It estimated that thepolicy will result in a reduction of 5.8 trillion VND (246.7 million USD) monthly for the State budget's revenue, or about 35 trillion VND for the last sixmonths of this year.
Besides, the MoFalso proposed a reduction on about 35 kinds of fees and charges from July 1to December 31.
Last year, similarpolicies provided businesses and people with a support worth about 233 trillionVND (9.91 billion USD) ontaxes, land rents, fees and charges./.
The Vietnam Cassava Association has proposed the Government does not implement a recent decision on value-added tax (VAT) refunds for cassava starch products as it will create difficulties for the cassava industry.
The Ministry of Finance has recently put forward a proposal to the government to bring down value-added tax (VAT) from 10% to 8% for a number of goods and services to boost the economy.
With participation from major players representing countries such as Russia, China, Japan, India, Thailand, and Indonesia, Vietbuild 2025 is expected to present a wide range of environmentally friendly and innovative products and services, especially building materials, machinery, and interior and exterior decoration.
Bulgaria holds strengths in sectors that align well with Vietnam’s development focus, including information technology, software, electronics, energy and the environment, startups and innovation, agriculture and food processing, logistics, and freight services.
Vietnam Airlines is pursuing an Environmental, Social, and Governance (ESG) roadmap to reduce emissions, improve fuel efficiency, and adopt sustainable aviation fuels. It is also investing in workforce development, corporate culture, and international management practices.
Thailand's largest retailer, Central Retail Corporation (CRC), will invest over 45 billion THB (1.38 billion USD) through 2027 to expand mainstream markets and accelerate growth across Southeast Asia, including Thailand and Vietnam.
Vietnam ranks among Asia’s top producers and exporters of denim, with hundreds of factories producing denim fabric and garments. Vietnamese denim products are now exported to over 70 countries.
In 2024, durian was a leading export among Vietnam’s fruits and vegetables, earning a record of 3.3 billion USD and accounting for 46% of the sector’s total export value. China was the largest market, importing 3.2 billion USD worth of durians, or 97% of the total.
The arrival of this first wind power equipment shipment signalled the Trung Nam Ca Na seaport’s infrastructure readiness and its entry into a new phase of development, aligned with Vietnam’s adjusted National Power Development Plan VIII.
PM Pham Minh Chinh has called on global tech giants to bolster cooperation with Vietnam to assist with the country's efforts to drive a startup and innovation ecosystem.
Prime Minister Pham Minh Chinh had meetings with leaders from multinational corporations on June 25, advancing Vietnam’s infrastructure development as well as food processing sector, on the sideslines of the 16th Annual Meeting of the New Champions of the World Economic Forum (WEF) in Tianjin city.
According to UOB, following the US’s announcement of reciprocal tariffs of 46% on Vietnamese goods on April 2, around 80% of Vietnamese businesses have proactively taken measures to respond to potential impacts.
As one of the most prestigious annual international events in the industry, the expo serves as a prime platform for enterprises to connect, exchange valuable experience, and explore reliable collaboration opportunities with both domestic and international companies.
Organised by the Vietnamese Embassy and Trade Office, Vietnam's national booth showcases catalogues and product samples from over 30 Vietnamese companies, spanning key sectors such as agriculture, seafood, food and beverages, footwear, textiles, furniture, plastics, construction materials, and industrial machinery.
The pangasius industry is one of the country’s key foreign currency earners, with an annual export value of around 2 billion USD, accounting for 20% of Vietnam’s total seafood exports. The US remains one of the largest and most strategic markets for Vietnamese pangasius.
A Government Office notice on the Deputy PM’s conclusions at a recent meeting to review construction progress of the plants stressed that accelerating the development of power sources is essential and urgent to ensure energy security and meet the demands of two-digit socio-economic growth in the coming period.
It featured four discussions on key issues such as the Vietnam- Switzerland comprehensive partnership, Vietnam’s international financial centre, digital transformation and innovation, and global human resources and expansion of markets.
Illustrative image (Source: vtv.vn) 
