VOV.VN - Vietnam’s top legislature is set to consider sweeping temporary tax reductions on fuel, including a 0% environmental tax and 0% special consumption tax on petrol, as part of efforts to stabilise prices and ease inflationary pressures.

The National Assembly (NA) Standing Committee has issued a resolution on Vietnam’s environmental protection tax rates for petrol, oil, and lubricants in 2025, keeping in effect a tax cut introduced to support the economy post pandemic.

The reduction of the rice import tax by the Philippines will create more advantages and increase opportunities for Vietnamese rice to enter the market later this year, insiders said.

Consumers and producers are happy to see the implementation of the 2% reduction of value-added tax (VAT) for products starting from July 1.

The Ministry of Industry and Trade plans to set a target of 6% growth in export value this year, considering unpredictable factors that can affect import-export, according to Deputy Minister Do Thang Hai.

Reducing the VAT (value added tax) by 2% has been the most practical solution to stimulate consumption and production.

Measures taken to bring down petrol prices could reduce State budget collection by VND32.5 trillion (US$1.4 billion) this year, according to Deputy Minister of Finance Nguyen Duc Chi.

VOV.VN - The National Assembly Standing Committee, at its extraordinary session on July 6, approved the Government’s proposal on additional environmental protection tax cuts on petrol and oil in an attempt to cool down the domestic fuel market.

Tax and fee reductions have contributed to bringing inflation under control in Vietnam, according to Deputy Minister of Finance Vo Thanh Hung.

VOV.VN - Petrol prices tumbled more than VND1,000/litre on April 1 after environmental protection tax rates were axed by VND2,000/litre, which were in effect the same day.