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Experts said Vietnam should build up the national reserve, which will enhance the country’s resilience against the volatile prices in the global market.

The Ministry of Finance estimated the total amount of tax relief totals around VND122-125 trillion ($5.26-.54 billion) in 2022.

This has been the third extension of excise tax compliance due date for local cars since 2020, with an expected amount subject to a tax break of VND20 trillion ($US$863 million).

The ministry considered this an urgent solution for businesses, which should take effect immediately from the date of signing to the end of 2022.

Such works, inaugurated ahead of the upcoming holidays, are expected to boost the airport's capacity in anticipation of the soaring travel demand.

The proposal is set to take effect immediately once receiving approval from the Government.

The tax cut period will last between April 1, 2022, and December 31, 2022.

The launch of the portal is designed to help foreign entities without representative offices in Vietnam fulfill their tax obligations without difficulties.

Under the move, the retail price of fuels would see a reduction of VND2,200 per liter (including the value-added tax) and VND1,100 for diesel.

The move is essential against potential shocks on the national economy, especially the impacts from the Ukraine-Russia conflict and declining production capacity from OPEC that are resulted in skyrocketing fuel and gas prices on the global market.

A lower domestic tax rate for petrol products, especially the environmental protection tax, should be considered to prevent the prices in the domestic market from rising.

Vietnam said US trade remedies must be fair and in accordance with the World Trade Organization (WHO) rules.

Motorbike taxi drivers must be fully vaccinated against the novel coronavirus and comply with all current regulations to prevent the spread of the Covid-19 disease.

This year, Hanoi’s budget revenue is estimated at VND240 trillion (US$10.5 billion), exceeding the yearly target by 10.5%.

This year, tax revenue was estimated at VND1,510 trillion ($66.1 billion), exceeding the year’s estimate by 12.47%.

Local car producers/assemblers could now delay their deadline payment for excise tax in October and November to December 30 at the latest.