Continue to reduce 2% VAT until June 30, 2024

At the closing session of the 6th session of the 15th National Assembly on the morning of November 29, with 477/477 delegates participating in the vote, the National Assembly officially passed the Resolution of the 6th session of the 15th National Assembly.

According to the resolution, groups of goods and services currently subject to a tax rate of 10% will have their value-added tax (VAT) rate reduced by 2% from January 1, 2024 to June 30, 2024.

This reduced tax rate does not apply to a number of goods and services, as stipulated in Resolution No. 43, including: Telecommunications, information technology, financial activities, banking, securities, insurance, real estate business, metals, prefabricated metal products, mining products (excluding coal mining), coke, refined petroleum, chemical products, goods and services subject to special consumption tax.

The National Assembly also assigned the Government to promptly and effectively implement the plan without affecting the State budget revenue and deficit estimates for 2024 according to the National Assembly Resolution, and report to the National Assembly on the implementation results at the 7th session of the 15th National Assembly (mid-2024).

Regarding the Land Acquisition, Compensation, Support and Resettlement Project for Long Thanh International Airport, the National Assembly agreed to extend the implementation period until December 31, 2024; adding VND 966,749 billion from the general reserve of the Central budget of the Medium-term Public Investment Plan for the period 2021 - 2025 for this project.

“The Government is responsible for the accuracy and completeness of information and data reported to the National Assembly; directs relevant ministries, branches and the People's Committee of Dong Nai province to coordinate, implement and complete the project in accordance with the schedule and regulations of the State Budget Law, the Public Investment Law and relevant laws.”, The resolution stated.

At this session, the National Assembly passed 7 laws and 9 resolutions; gave initial opinions on 8 draft laws.

The National Assembly also gave opinions on the reception, revision and decision to adjust the time for submitting for consideration and approval of the Draft Law on Land (amended) and the Draft Law on Credit Institutions (amended) to the nearest session. This is to ensure quality and promptly remove difficulties and obstacles from current practices.

Agree in principle, assign the Government in 2024 to develop a draft Decree on the establishment, management and use of the investment support fund from the recently approved global minimum tax revenue and other legal sources to stabilize the investment environment, encourage and attract strategic investors, multinational corporations and support domestic enterprises in a number of areas requiring investment incentives.

The National Assembly also requested the Government to report to the National Assembly Standing Committee for comments before promulgation.