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country-icon Vietnam

08.29.24

Temporary VAT reduction for specific goods and services

The Vietnamese Official Gazette has published Decree No. 72/2024/ND-CP, which announces a temporary reduction in the VAT rate from 10% to 8% for certain goods and services

This reduction applies to key sectors such as telecommunications, financial activities, banking, securities, insurance, real estate, metals, prefabricated metal products, mining products, products and services subject to special consumption tax, and specified IT services.

The decree is effective from July 1, 2024, and will remain in force until December 31, 2024.

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