Vietnam's finance ministry waives taxes worth over US$2 billion in 2022
The authorities also extended the payment deadline for taxes and land rental fees of VND106 trillion ($4.5 billion) for local firms.

The Government has offered tax breaks worth VND50.2 trillion (US$2.13 billion) for businesses and individuals in 2022, equivalent to 78.4% of the amount estimated under the socioeconomic recovery support program for the year, according to the Ministry of Finance (MoF).
Electronics production at Dien Quang Company. File photo |
Under the program, the MoF cut the value-added tax rate from 10% to 8% for goods and services, resulting in forsaking revenue of VND38.9 trillion ($1.65 billion) of the state budget; 50% cut in registration fees for cars and motorized vehicles produced locally worth VND6.6 trillion ($281 million); and 50% reduction of environmental protection tax on jet fuel worth VND2.1 trillion ($89.4 million).
In addition, the authorities extended the deadline for payment of taxes and land lease fees amounting to VND106 trillion (US$4.5 billion) for local enterprises, cooperatives, and households, accounting for 78.5% of the total amount, or VND135 trillion (US$5.74 billion). Of the total, the tax relief on value-added tax, corporate income tax, and personal income tax, as well as land lease fees, amounted to VND96.3 trillion (US$4.1 billion), while the amount of excise tax relief on locally produced and assembled automobiles was VND9.6 trillion (US$409 million).
The MoF noted the ministry is currently drafting a proposal for further tax cuts for businesses and people affected by the Covid-19 pandemic in 2022, estimated at VND3.5 trillion ($149 million).
Facing a sharp rise in prices of petroleum products during early 2022, the Government decided to cut the environmental protection tax on petrol and fuel worth VND30.7 trillion ($1.3 billion).
In 2022, the MoF also allocated VND4.3 trillion ($183.1 million) to subsidize housing rental fees for workers in 31 provinces/cities.
Other News
- Vietnam, Cambodia launch QR code payment system
- Global minimum tax set to take effect in Vietnam in 2024
- Vietnam’s local bond market hits US$109 billion: ADB
- Vietnam not a currency manipulator, says US Treasury
- ADB, SBV joint efforts to support digital banking in Vietnam
- Hanoi Cashless Streets to foster digital transactions
- Vietnamese Government considers extending VAT reduction to mid-2024
- The Green Economy Forum 2023 to take place in November
- Greening finance accelerates Vietnam's SDG implementation
- DHL Express partners with ACB to cut carbon emissions using sustainable aviation fuel
Trending
-
Hanoi is World's Leading City Break Destination
-
Vietnam news in brief - December 5
-
Vietnam’s e-commerce market set to hit US$20.5 billion
-
Diwali vividly celebrated in Hanoi
-
AI to help Hanoi accelerate smart city development
-
Data mining drives smart city building: vice chairman
-
Planning essential to promote smart city development
-
Amended Capital Law to develop Hanoi’s cultural industries
-
Vietnam advised to use cultural heritage as material for creative industries