The reduction applied for goods and services currently taxed at 10%, with some exceptions.

Incentive aimed at supporting business and production activities.

The policy aimed at supporting businesses and stimulating the economy.

The incentive lasting through December 31, 2024.

The cost to the State budget has been estimated at over $1 billion.

Policy aimed at supporting businesses and individuals and boosting consumption.

Latest reduction in place until December 31, 2023.

Businesses, individuals, and the economy in general still face a host of difficulties and challenges and continued support is warranted.

A range of new policies are taking effect during February, such as those on VAT reductions, origin of goods, increased fees for conditional business appraisal in the seafood sector, strengthened judicial assessment in seafood, and land use levy exemptions for people with meritorious service, among others.

The Ministry of Finance will implement government Decree No. 15 from February 1 on tax exemptions and reductions to support socio-economic recovery and development. Many goods and services are entitled to a VAT reduction of 8 per cent, which is estimated to cost VND49.4 trillion ($2.18 billion).