Vietnamplus

Petrol prices continued to be revised down from 3pm on May 11, following the latest adjustment of the Ministry of Industry and Trade, and the Ministry of Finance.

More than 110.6 trillion VND (4.7 billion USD) of public investment was disbursed in the first four months of this year, equivalent to 14.6% of the yearly target and lower than the 18.48% in the same period last year, according to the Ministry of Finance.

The Ministry of Finance (MoF) has sent a document to ministries, ministerial-level agencies and Government agencies asking for their coordination in the drafting of a circular on reducing fees and charges to ease difficulties for people and businesses.

Petrol prices were reduced in the latest adjustment from 15:00 on May 4 by the Ministry of Industry and Trade, and the Ministry of Finance.

Retail petrol prices in Vietnam are forecast to be revised down in the adjustment on May 4 following falling prices in the world market.

The Ministry of Industry and Trade (MoIT) said that it is necessary to devise a 50% cut on auto registration fees and extend the payment of the excise tax on locally-assembled and manufactured cars to stimulate consumer demand and ease the burden on businesses.

The Government has agreed with the Ministry of Finance’s proposal on a plan to reduce taxes, fees and charges for 2023, which suggested a 2% reduction in the value added tax (VAT) on goods and services.

Deputy Prime Minister Le Minh Khai has emphasised the need to clear all roadblocks and clarify the responsibilities of the persons concerned to accelerate public investment disbursement.

The Vietnam Chamber of Commerce and Industry (VCCI) has made a renewed call for the Ministry of Finance (MoF) to eliminate the special consumption tax (excise tax) on gasoline.

In an effort to address the ongoing challenges faced by the domestic real estate market, an approach encompassing legal, administrative, and financial solutions is urgently required, particularly in the realm of credit.

The Government has agreed with the Ministry of Finance (MoF)’s proposal on a plan to reduce taxes, fees and charges for 2023, which suggested a 2% reduction in the value added tax (VAT) on goods and services subject to a 10% VAT.

Insurance companies must tighten the supervision and inspection of insurance agencies, quality of consultation, and sales, said the Insurance Supervisory Authority, the country's insurance industry regulator under the Ministry of Finance.

The Ministry of Finance has proposed corporate income tax rate on small and micro-sized enterprises be lowered than the common rate in an effort to support them to overcome the difficult time and promote their development.

The Ministry of Industry and Trade and the Ministry of Finance revised up the prices of petrol in the latest adjustment on April 3.

A delegation of the State Bank of Vietnam (SBV), led by its Deputy Governor Pham Tien Dung, attended the ASEAN Central Bank Governors’ Meeting, the ASEAN Finance Ministers’ and Central Bank Governors’ Meeting, and related events in Bali, Indonesia, from March 28 - 31.

The General Department of Taxation under the Ministry of Finance has said it will keep a close watch on the implementation of the global minimum tax in other countries, listen to opinions of firms impacted by the tax and study guidelines of the Organisation for Economic Cooperation and Development (OECD) to propose its application in Vietnam.

Deputy Prime Minister Tran Luu Quang has signed a dispatch on the cancellation of World Bank (WB) loans due to the unusability, and the re-allocation and use of the cancelled International Development Association (IDA) loans in the 2022 - 2023 fiscal year.

A number of changes has been proposed to Vietnam's preferential tax policies by the Ministry of Finance (MoF).

Commercial banks that underwrite and sell corporate bonds have to buy them back if investors so demand, the central bank has said.

Petrol prices were reduced in the latest adjustment from 3pm on March 1 by the Ministry of Industry and Trade, and the Ministry of Finance.