Topic: the Ministry of Finance

The Ministry of Finance has said it is developing a Decree on preferential tax rates to implement a series of FTAs in the 2022-2027 period, with some tax lines to come down to 0 per cent under a roadmap. An analyst from the Australian Economic Reform Program (Aus4ReForm) said that its participation in many bilateral and multilateral agreements with major economies in the world means Vietnam has become one of the most open countries in the region and the world.

On October 7, the Ministry of Finance announced to adjust the domestic premium and the cost of bringing gasoline from the domestic refinery to the port, ensuring the interests of the three parties, and removing difficulties for businesses. The ministry also proposed the Ministry of Industry and Trade to have an appropriate plan to regulate domestic gasoline prices so that this increase in norm costs does not affect the increase in the base price.

The Ministry of Finance has forecast that CPI will increase 3.37-3.87 per cent in 2022; higher than the forecast of 3.4-3.7 per cent from the General Statistics Office. The State Bank of Vietnam, meanwhile, has put inflation in the range of 3.7 per cent, ± 0.3 per cent.

The Ministry of Finance has issued a new Circular that will tighten the importation of motor cars and motorbikes for non-commercial purposes, in order to prevent false declarations of import value to prevent tax losses. The Circular will take effect from September 10.