Legislators work on further application of 2% VAT reduction
Legislators on May 24 listened to a proposal and a verification report on the further application of the 2% reduction in the value added tax (VAT) under a resolution dated January 11, 2022, as part of the ongoing fifth session of the 15th National Assembly.
Hanoi (VNA) – Legislators on May 24 listenedto a proposal and a verification report on the further application of the 2%reduction in the value added tax (VAT) under a resolution dated January 11,2022, as part of the ongoing fifth session of the 15th NationalAssembly.
Minister of Finance Ho Duc Phoc noted that theGovernment submitted Resolution 43/2022/QH15 on fiscal and monetary policies insupport of the socio-economic recovery and development programme for approval.
The resolution prescribes the VAT reduction for mostitems from 10% to 8%, he continued, noting that the document has helpedbusinesses and people with about 44.5 trillion VND (1.8 billion USD),contributing to spurring production and business, generating jobs forlabourers, stimulating consumption, and raising State budget collection.
Given the complexities in the domestic and global situationforecast for the time ahead, which would challenge the domestic economy andenterprises, the Government proposed the further application of the 2% VATreduction from July 1, 2023 to the end of this year, the minister said.
Minister of Finance Ho Duc Phoc (Photo: VNA)
According to Chairman of the NA’s Finance-BudgetCommittee Le Quang Manh, most of the members of the committee approved theGovernment’s proposal to further support people and businesses in recovery and development.
The committee, however, suggested the Government evaluatethe impact of the reduction more precisely to meet set targets, he said, adding thatsome proposed raising the rate to 4% from the present 2%.
Most of the lawmakers also agreed with the durationfrom July 1 to the end of this year, while some others held that it should beextended to ensure the stability and efficiency of the policy, Manh said./.
The 15th National Assembly (NA) convened its fifth plenary session in Hanoi on May 22 morning, broadcast live on the channels of radio The Voice of Vietnam (VOV1), the Vietnam Television (VTV1), and the National Assembly TV.
The 15th National Assembly held a plenary session in Hanoi on May 23, the second day of its ongoing fifth sitting, during which legislators touched upon different issues.
Legislators put the contentious contents of the draft revised Law on Bidding under the microscope on May 24 as part of the ongoing fifth session of the 15th National Assembly.
Party General Secretary To Lam and his spouse Ngo Phuong Ly, along with a high-ranking delegation of Vietnam arrived in Seongnam Air Base in Seoul on August 10 afternoon (local time), beginning a state visit to the Republic of Korea from August 10-13.
General Secretary of the Communist Party of Vietnam Central Committee To Lam and his spouse Ngo Phuong Ly departed from Hanoi on August 10 morning for a four-day state visit to the Republic of Korea (RoK), which is made at an invitation of RoK President Lee Jae Myung.
As part of the ASEAN Day celebrations, the Vietnamese embassy will also host the ASEAN Family Day 2025 in Ottawa to foster solidarity and community spirit among ASEAN members in Canada.
State President Luong Cuong’s trip once again reaffirmed the Party and State’s foreign policy of independence, self-reliance, diversification and multilateralisation of relations. It also reflected the strong trend of enhanced cooperation among countries of the Global South in shaping a new, more multipolar, fair and equitable world order.
The outcomes of Party General Secretary To Lam's visit will serve as a driving force and source of inspiration for the two countries to inherit, promote, and elevate their Comprehensive Strategic Partnership, contributing to the national construction and development cause in each country, and to peace, cooperation, and development in the region and the world.
Prime Minister Pham Minh Chinh on August 9 inspected the construction site of the new Phong Chau bridge, and surveyed a planned route for the Lao Cai – Hanoi – Hai Phong railway section running through the northern province of Phu Tho.
Across print, broadcast, and online platforms, Angolan media portrayed State President Luong Cuong's visit as a warm and historic occasion, strengthening bilateral ties and boosting Vietnam’s presence in Africa through the AU.
The 500kV Lao Cai – Vinh Yen power transmission line has a total investment of over 7.41 trillion VND (282.5 million USD), and a total length of 229.5 km, passing through 31 communes in the two provinces, and comprising 468 transmission tower foundations.
The visits reflected the elevated position of Vietnam’s foreign policy in the new era—aimed at not only advancing ties with key regional partners like Egypt and Angola but also delivering a strategic message about Vietnam’s commitment to deepening relations with African nations as a whole.
At their talks and meetings, President Cuong and Angola’s top leaders affirmed that the close brotherhood and traditional friendship are a valuable shared asset and a solid foundation for the two nations to advance into a new phase of development.
The ruling People’s Movement for the Liberation of Angola (MPLA) attaches great importance to the friendship, solidarity, and comradeship with the Communist Party of Vietnam, and voiced her Party’s wish to further deepen and expand relations between the two sides for the benefit of the Vietnamese and Angolan people.
Vietnam pledges to do its utmost to build an ASEAN of solidarity, consensus, and unity in diversity, and to foster a fast and sustainable development path for ASEAN, grounded in science, technology, and innovation, said Prime Minister Pham Minh Chinh.
Party General Secretary To Lam called on the criminal police force to accelerate the application of science, technology, artificial intelligence, and digital transformation in criminal investigation tasks such as crime prevention, detection, tracking and verification, ensuring that no area remains out of their reach.
Many Koreans living, studying, and working in Hanoi see the upcoming state visit to the Republic of Korea (RoK) by Party General Secretary To Lam as an opportunity to generate strong synergy in economic cooperation, people-to-people exchanges, and cultural understanding.
The achievements of the five decades of Vietnam–Angola cooperation provide a strong and enduring foundation, as well as momentum for the two sides to consolidate, expand, and bring their partnership into a new phase of development.
Prime Minister Pham Minh Chinh stressed that the emulation and commendation work is a vital driver, fostering patriotism, dedication, and collective momentum in the run-up to the 11th National Patriotic Emulation Congress, Party congresses at all levels, and the 14th National Party Congress.
Emphasising the need for sustainable, long-term collaboration, National Assembly Chairman Tran Thanh Man called on Japanese investors not only to bring in capital but also to share expertise and modern technology, especially in areas such as green transformation, the circular economy, and advanced corporate governance.
President Luong Cuong's activities during his state visit to Angola, the celebration of the financial sector's 80th traditional day, and the Foreign Ministry's flag-hoisting ceremony marking the 58th founding anniversary of ASEAN are among news highlights on August 8.
Vietnamese Ambassador to Thailand Pham Viet Hung praised the Thai Ministry of Foreign Affairs’ meaningful initiative, noting that the ASEAN Family Run was not only a sporting activity but also an opportunity for diplomats and their families to show unity, connection, and solidarity within the ASEAN family.
Politburo member, Prime Minister Pham Minh Chinh on August 8 attended the first congress of the Party Organisation of Tay Ho ward of Hanoi for the 2025–2030 term, during which he called for fresh momentum to turn the ward into a model that takes the lead in all fields.
Illustrative photo (Source: VNA) 
Minister of Finance Ho Duc Phoc (Photo: VNA) 
