10.24.22

Proposal for temporary VAT reduction on oils 

The Ministry of Finance in Vietnam has proposed to reduce the VAT on petrol and oil by 20% or 50%, lasting for six months.  

According to the Ministry, an increase in inflation is occurring in many countries, and the global oil price will continue to fluctuate. For this reason, it is imperative to reduce taxes on petrol and oil to curb inflation and stimulate the economy. 

The proposal has been passed onto the National Assembly Standing Committee for consideration.