Measures to alleviate difficulties for enterprises and citizens in 2024 proposed by the Ministry of Finance including tax and fee reduction and exemption represented an estimated value of VND191 trillion (US$7.49 billion), the ministry reported on December 31.

Starting on January 1, significant economic policies will come into effect, including regulations on contract-based passenger transport businesses, a six-month reduction in value-added tax (VAT), amendments to the 2019 Law on Tax Administration.

Vietnam Airlines is set to achieve a record pre-tax profit of VND7.32 trillion (US$287.7 million) in 2024, ending four years of losses, with revenue expected to reach VND114.7 trillion (US$4.5 billion), up 23% from last year.

A total of 120 foreign suppliers have registered, declared, and paid taxes worth more than VND8.68 trillion (US$341 million) through the General Department of Taxation (GDT)’s e-portal this year, up by 26% year-on-year and 74% compared to the annual target.

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.

Vietnamese export businesses need to prepare for the United Kingdom (UK)’s carbon border adjustment mechanism (CBAM), which will take effect from 2027.

VOV.VN - E-commerce platforms, both domestic and foreign, will handle the tax obligations for individuals and businesses that sell goods and services through their platforms in Vietnam as of January 1, 2025, according to legislation adopted at the National Assembly’s ongoing session in Hanoi on November 29.

VOV.VN - Vietnamese businesses have been advised to set and enforce green standards in their production phases in order to maintain the export of their products and penetrate deeper into the European Union market, said industry insiders.

The Law on the Value Added Tax was adopted at the 8th session of the 15th National Assembly (NA) in Hanoi on November 26 and is set to come into force in July next year.

Vietnam’s business and investment climate is showing marked improvements following sustained reform efforts, with enhanced access to business-related information and regulations, reduced unofficial costs, and effective administrative reforms, according to the latest survey by the Vietnam Chamber of Commerce and Industry (VCCI).