8% VAT rate extended to the end of 2024

The Vietnamese Government has agreed to extend VAT reduction to 8 per cent to the end of this year 2024

Under the existing policy, the 8% VAT applies to all lines of goods and services, except for telecommunications, information technology, finance-banking activities, securities, insurance, real estate business, metals, prefabricated metal products, mining products (excluding coal mining), coke, refined petroleum, chemical products, as well as goods and services subject to special consumption tax.

The VAT reduction (latest issue under Decree No 72/2024/NĐ-CP) to 8 per cent from 10 per cent, has been in place since early 2022, aimed at promoting domestic consumption and production following the COVID-19 pandemic and global slowdown.

Source: Vietnam News

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