Foreigners will obtain a refund of VAT on goods they have bought in Vietnam and taken home when leaving the country via Noi Bai airport in Hanoi or Tan Son Nhat airport in Ho Chi Minh City as of June 1.

In its newly-issued circular pertaining to the pilot implementation of VAT refund, the Ministry of Finance said foreigners are entitled to obtain a refund that accounts for 85 percent of VAT on good they bought and commercial banks will get the remaining 15 percent as VAT refund fees.

The refund will be made in Vietnamese dong, which can be converted to other currencies using up-to-date exchange rates posted by commercial banks.

Foreigners, who wish to get the refund, are required to present to the banks in charge of handling VAT refund their boarding pass and invoice cum VAT refund declaration form certified by the customs agencies prior to their boarding.-VNA