Headlines 04/12/2024 17:40 CH

National Assembly of Vietnam to permit 2% VAT reduction in first 6 months of 2025

Hoàng Quyên

On November 12, 2024, the Government of Vietnam promulgated Resolution No. 218/NQ-CP on the periodic meeting of the Government of Vietnam in October 2024, which stipulates the continuation of VAT reduction for the first 6 months of 2025.

According to the Resolution, within November and the remaining time of 2024, the Government of Vietnam requests Ministers, Directors of ministerial agencies, Directors of governmental agencies, and Presidents of People's Committees of provinces and centrally affiliated cities to strictly disseminate and comprehensively and effectively implement resolutions and conclusions of the Central Authorities, Politburo of Vietnam, and National Assembly of Vietnam, especially Conclusion No. 97-KL/TW 2024 of the 10th Central Meeting, the directive of the General Secretary on accelerating the law development and completion, unlocking development resources, preventing and preventing waste, and strategic orientations to bring Vietnam to a new era of breakthrough and comprehensive development; while

Utilizing advantageous elements to resolve difficulties and challenges promptly, persistently work for the set objectives, and strive for GDP growth to reach about 7,4 – 7,6% for the fourth quarter and more than 7% for the whole year and complete all 15 major socio-economic development objectives of 2024.  

The Government of Vietnam assigns the Ministry of Finance of Vietnam to take charge and cooperate with relevant agencies in implementing the following focal tasks:

- Carrying out the early summary and assessment and counseling and promulgated under their jurisdiction or requesting competent authorities to promulgate policies on tax, fee, and land levy exemption, reduction, and deferral in 2025 for implementation at the beginning of the year, especially the continuation of VAT reduction in the first 6 months of 2025 for reports to the National Assembly of Vietnam in the 8th meeting.

- Researching, counseling, and proposing the development of the National Strategy for Preventing and Combating Waste following the directive of the General Secretary and submitting reports to the Prime Minister of Vietnam by November 2024.

See more details in Resolution No. 218/NQ-CP dated November 12, 2024.

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