The value-added tax (VAT) for most of goods and services will be cut by 2% from January 1, 2024. The government has issued Decree No. 94/2023/ND-CP regulating VAT reduction policy in line with the National Assembly’s Resolution No. 110/2023/QH15 dated November 29, 2023. The decree reduces VAT for groups of goods and services which are currently subject to...

Vietnam would import 71,835 tonnes of raw tobacco under tariff quota for 2024 set in a freshly issued circular by the Ministry of Industry and Trade (MoIT). Illustrative image (Source: VNA) Raw material import tariff quotas are assigned by the method specified in the Government's Decree No. 69/2018/ND-CP dated May 15, 2018, detailing a number of articles of...

The central bank has warned people to take caution when trading gold amid the strong fluctuations of the precious metal. The central bank always closely monitors gold market developments. (Photo: VNA) Dao Xuan Tuan, Director of the State Bank of Vietnam (SBV)’s Department of Foreign Exchange Management, noted that the bank has prepared measures to stabilise the domestic gold...

2023 continues to be a tough year for the world economy as COVID-19 pandemic has still taken heavy tolls while a series of new challenges have emerged, including geopolitical conflicts, tight monetary policies in major economies and world economic slowdown. A corner of Phu My 3 Specialised Industrial Park, Phuoc Hoa ward, Phu My town, Ba Ria -...

The Nghi Son Refinery & Petrochemical Limited Liability Company (NSRP) achieved a net revenue of about 6.4 billion USD in 2023 and contributed about 820 million USD to the State budget. A vessel carries oil to the Nghi Son Refinery & Petrochemical Limited Liability Company (NSRP). (Photo: Courtesy of the company) According to General Director of NSRP So Hasegawa,...

Vietnam’s stock market is set to grow in a stable, safe, healthy, effective and sustainable fashion under a freshly-approved strategy. Vietnam’s stock market is set to grow in a stable, safe, healthy, effective and sustainable fashion. (Photo: VNA) Deputy Prime Minister Le Minh Khai on December 29 signed Decision No. 1726/QD-TTg approving the stock market development strategy until...

Prime Minister Pham Minh Chinh on December 29 asked the Governor of the State Bank of Vietnam (SBV), the Minister of Finance and the General Director of Vietnam State Treasury to deploy measures to meet payment and cash demands of individuals and firms at year-end, during the coming New Year and Lunar New Year holidays. Illustrative photo (Photo:...

The State Bank of Vietnam (SBV) has issued a document requesting compliance with regulations on money laundering and terrorism financing prevention and control. At Vietcombank branch in Vinh Phuc province. (Photo: VNA) Specifically, the SBV asked credit institutions, branches of foreign banks, and businesses trading precious metals and gemstones, including gold trading companies and intermediary payment companies, to...

Vietnam’s agro-forestry-aquatic product exports enjoyed a record trade surplus of 12.07 billion USD in 2023, surging by 43.7%, and accounting for over 42.5% of the country's total trade surplus, heard a press conference in Hanoi on December 29. Vietnam’s agro-forestry-aquatic product exports enjoy a record trade surplus of 12.07 billion USD in 2023. (Photo: vneconomy.vn) The country earned...

Vietnam’s high-value manufacturing is expected to grow, with the government intent on increasing manufacturing’s share of the economy from 25% to 30% by 2030 by attracting more high-value manufacturing investment, said the “Strength through Diversification: Opportunities across Asia Pacific” report by Cushman & Wakefield. Vietnam's high-value manufacturing is expected to grow (Photo: VNA) The global commercial real estate...