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Philippines announces 20 per cent tariff cut for imported rice

Philippines announces 20 per cent tariff cut for imported rice

The Philippines, one of the world''s largest rice buyers and largest customers of Vietnamese rice, announced a reduction in import taxes from 35 per cent to 15 per cent, effective immediately and lasting until 2028. 
Businesses face difficulties in declaring goods eligible for VAT cut

Businesses face difficulties in declaring goods eligible for VAT cut

Businesses have been facing many difficulties in claiming goods eligible for the government''s two per cent tax cut, said Đậu Anh Tuấn, deputy secretary-general of the Vietnam Chamber of Commerce and Industry (VCCI) and head of its legal department.
EVN denies businesses warned to cut down power consumption

EVN denies businesses warned to cut down power consumption

Vietnam Electricity (EVN), the country''s largest power company, said the rumour about Vietnamese authorities urging certain businesses in northern Việt Nam to voluntarily reduce electricity usage by 30 per cent is inaccurate.
Businesses and people expect VAT cut extension to be approved

Businesses and people expect VAT cut extension to be approved

The VAT reduction from 10 per cent to 8 per cent is being implemented according to Resolution 110/2023/QH15, from January 1 to June 30, 2024. 
Government proposes extending VAT cut until year end

Government proposes extending VAT cut until year end

The Government has proposed extending the cut in value-added tax (VAT) from 10% to 8% on specific groups of goods and services from July 1 until the end of the year to support business and production activities.
Việt Nam to benefit from Feds rate cut

Việt Nam to benefit from Fed’s rate cut

According to experts, the Fed''s interest rate cut will support Việt Nam''s monetary policy management as the State Bank of Vietnam (SBV) may not be under pressure of dollar appreciation after the greenback weakens in the wake of the Fed''s...
Credit institutions expect to enjoy 2 per cent VAT cut next year

Credit institutions expect to enjoy 2 per cent VAT cut next year

The VNBA made the move last week as, under a draft policy on VAT reduction for the first six months of next year, the credit institutions do not feature in the list of commodities and services that will receive the...
MoF proposes fuel tax cut for 2024

MoF proposes fuel tax cut for 2024

The tax cut has been praised by economists and the business community as one of the more practical and most efficient support policies by the government for economic recovery post-COVID-19.
Interest rate cut expected to stimulate demand for home loans

Interest rate cut expected to stimulate demand for home loans

According to a report by the State Bank of Vietnam (SBV), people''s demand for home loans and home repairs decreased by 1.12 per cent in the first half of this year, while the loans increased by up to 31 per...
EVNs operational breaches behind persistent power cuts in the North: probe

EVN's operational breaches behind persistent power cuts in the North: probe

An inspection revealed that the EVN was slow in its investment and completion of power sources and grids. It was also sluggish in addressing issues with turbines at numerous thermoelectricity plants from 2021 to 2023.
Interest rate cut: important but certainly not a panacea

Interest rate cut: important but certainly not a panacea

Analyst’s Pick: With both external and internal conditions favourable for the interest rate cut, it is possible that the central bank will continue further easing its monetary policy.
Individual customers keep depositing at banks despite interest rate cut

Individual customers keep depositing at banks despite interest rate cut

Though deposit interest rates listed at commercial banks have decreased rapidly after the State Bank of Viet Nam''s (SBV) policy rate cut, savings of individual customers have kept rising.
Domestic cars to have registration fees cut by half from July 1

Domestic cars to have registration fees cut by half from July 1

Domestically produced and assembled cars are to have their registration fees slashed by half during the last six months of 2023, according to the Government Office. 
Firms hesitate to access loans due to weak consumption demand

Firms hesitate to access loans due to weak consumption demand

The State Bank of Vietnam last week cut its policy rates for the third time this year to prop up economic growth. Accordingly, the bank cut its refinance rates from 5.5 to 5.0 per cent and its overnight electronic interbank rate from 6.0...
SBV to cut policy rates for 3rd time

SBV to cut policy rates for 3rd time

The move, effective from Thursday, is the SVB''s third round of rate cuts since early 2023 when it became one of the few central banks to take an expansionary stance to support economic growth.