- The Ministry of Finance in Vietnam is proposing to extend the cut in value-added tax (VAT) from 10% to 8% until mid-2024.
- The government wants to support businesses and consumers by extending the VAT cut.
- The economy in Vietnam is stable and inflation is under control.
- Vietnam’s GDP growth in the first nine months of the year was 4.24% and 5.33% in the third quarter, making it one of the fastest growing economies globally.
- However, there are still challenges due to complex and unpredictable global developments.
- The government sees investment, exports, and consumption as the three drivers of the economy.
- The National Assembly had previously approved a 2 percentage point cut in VAT for the second half of 2023, excluding certain sectors.
- The Minister of Planning and Investment recommends extending the tax cut until mid-2024 to stimulate demand and increase consumption.
Source: e.vnexpress.net
Note that this post was (partially) written with the help of AI. It is always useful to review the original source material, and where needed to obtain (local) advice from a specialist.
