Vietnam to Extend 2% VAT Reduction Policy Until End of 2024 for Economic Recovery

• The Vietnamese government plans to continue implementing a 2% reduction in value-added tax (VAT) until the end of 2024.
• This policy was discussed on June 13 during the 34th session of the 15th National Assembly Standing Committee meeting.
• The extension request applies to certain goods and services currently subject to a 10% VAT.
• The Standing Committee agreed with the government’s report and the initial review report from the National Assembly’s Finance and Budget Committee.
• The VAT reduction is emphasized as effective for boosting consumption and economic recovery.
• National Assembly Chairman Tran Thanh Man requested the drafting of a resolution aimed at stimulating consumption, promoting production and business, and recovering growth.

Source: vietnam.vnanet.vn

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.

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