Finance Ministry

The policy is expected to result in a VND700 billion ($27.5 million) decline in state budget revenue.

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

Vietnam would accept a higher level of fiscal deficit to continue providing support for businesses.

The local automobile industry would continue to face severe impacts from the Covid-19 pandemic as demands for cars are expected to stay low for the foreseeable future.

The move is aimed at promoting the use of more environmentally-friendly car models in Vietnam.

The move would put local steel companies under pressure to expand production and upgrade technologies to reduce costs and compete with imported products.

By 2030, artificial intelligence (AI) and virtual assistant could be used to help provide digital financial services for the people and enterprises via digital communication channels.

This would be the first step for Vietnam’s state firms to list shares on international stock exchanges.

Such extension in delay of taxes and land rental fees payment is essential for the business community to continue its economic recovery process and ensure the realization of the 6.5% economic growth target in 2021.

Some large state-owned enterprises are facing difficulties in business valuation, mainly due to complicated financial situations.