Vietnam Today

With proposals in place to reduce excise taxes and value added taxes on gasoline, total tax reductions stand at an unprecedented VND126 trillion ($5.3 billion). The Minister of Finance has said that such reductions and other difficulties make tax collections and balancing the budget extremely difficult.

Southern Dong Nai province’s gross regional domestic product (GRDP) reached VND112.8 trillion ($4.85 million) in the first half of 2022, up 7 per cent over the same period of 2021 and making it the leading locality in the southern region in terms of economic growth.

On July 6, at a meeting with Russian Foreign Minister Sergey Lavrov, Prime Minister Pham Minh Chinh affirmed that Vietnam wishes to deepen bilateral cooperation in all fields. He also suggested that ministries and branches in the two countries soon remove difficulties in trade, investment, and transportation, to create the conditions needed for businesses to expand cooperation.

The Japan International Cooperation Agency (JICA) is working with the Institute of Strategy and Policy on Natural Resources and Environment (ISPONRE) to develop a national circular economy action plan for Vietnam. According to a survey it conducted in January, experts suggest three priority areas for the implementation of a circular economy in the country: industry, agriculture, forestry and fisheries, and services.

On July 6, at an extra-ordinary meeting, the National Assembly (NA) Standing Committee approved a Resolution on reducing environmental protection taxes on gasoline, oil, and grease. The Resolution will be effective from July 11 to December 31, 2022. In addition to tax reductions, NA Chairman Vuong Dinh Hue also suggested that the government study introducing supportive policies for those directly affected by rising prices.

The General Department of Vietnam Customs has said that its “5E” targets have now been completed: E-Declarations, E-Payments, E-C/O, E-Manifest, and E-Permits. Its E-C/O Form D has been exchanged with nine ASEAN countries. Vietnam Customs is striving for all procedures to be “paperless” and for AI, IoT, and big data to be applied in goods screening, customs supervision, and import and export business management.