According to the Ministry of Finance, the tax and fee incentives put in place between 2020 and 2024 made key contributions to socio-economic recovery and development.

The Ministry of Finance will effectively manage export tariffs, preferential import duties, and goods quotas to address business challenges.

The implementation of tax extensions, exemptions, and reductions, particularly the 2-percentage-point VAT cut, helped stimulate domestic consumption, which is one of the three primary drivers of economic growth.

In 2025, the ministry will continue to implement fee reductions ranging from 10% to 50% to encourage citizens and businesses to utilise online public services.

The ministry will also effectively manage export tariffs, preferential import duties, and goods quotas, including adjustments to import-export tax policies to address business challenges.

Assoc. Prof. Dr. Nguyen Thuong Lang from the National Economics University stated that flexible financial policies have delivered tangible benefits to both citizens and businesses while supporting socio-economic recovery.

Despite placing significant pressure on the state budget, these tax and fee reduction measures have provided businesses with substantial liquidity while effectively promoting domestic consumption and production activities.

Tax incentives will serve as an important foundation for sustaining economic development in 2025 and beyond, he said. He elaborated that the government’s tax support policies will enable businesses to invest in technology and improve product quality, thereby enhancing their competitiveness in the market.

This will particularly benefit small and medium-sized enterprises, helping them navigate through difficult periods.

Amidst ongoing challenges in business operations, high production costs, and slowing domestic purchasing power, the ministry has proposed the government and National Assembly continue the 2-percentage-point VAT cut.

This reduction applies to goods and services currently subject to a 10% tax rate, excluding sectors such as telecommunications, IT, finance, banking, securities, insurance, real estate, metals, mining products, refined petroleum, chemicals, and items subject to special consumption tax. This measure is effective from January 1 to June 30 of this year.

Financial specialist Dr. Nguyen Tri Hieu stated that this move could have positive impacts on the economy, as it will strengthen businesses while stimulating domestic consumption. He added that it must be carried out in harmony with other mechanisms and policies to ensure efficacy.

Bac Giang makes every effort to firmly enter new development era

BAC GIANG – Bac Giang province had a challenging yet successful year in 2024, achieving admirable results. These accomplishments have strengthened trust and aspirations, motivating the entire Party organization of the province to strive to fulfill the goals and tasks for 2025 and the entire term, laying a solid foundation for a new development phase toward a prosperous and civilized Bac Giang.

PM addresses seminar on global trade, development in smart era in Davos

Vietnamese Prime Minister Pham Minh Chinh attended and delivered a keynote speech at the seminar on the future of global trade and development in the smart era, in Davos on January 21 afternoon (local time).

Vietnam, Japan sign grant aid project for human resource development scholarship

Japanese Ambassador to Vietnam Ito Naoki and Vietnamese Deputy Minister of Education and Training Nguyen Van Phuc have signed a grant aid agreement for the human resource development scholarship programme with a maximum funding of 722 million JPY (4.62 million USD).

Working together towards sustainable development

Geographical distance cannot prevent steady and effective progress in relations between Vietnam and European countries.

Samsung Vietnam hailed for contributions to Vietnam's development

Politburo member, President of the Ho Chi Minh National Academy of Politics (HCMA) and Chairman of the Central Theory Council Nguyen Xuan Thang hosted a reception in Hanoi on January 16 for Choi Joo Ho, General Director of Samsung Vietnam as the latter concludes his working tenure in Vietnam.

Vietnam's int'l financial centre development draws Argentine media's acclaim

Argentine media has lauded Vietnam’s landmark decision to establish an international financial centre in Ho Chi Minh City – the nation’s economic and commercial powerhouse, marking a pivotal shift in the Government’s economic development strategy.