Hanoi (VNA)🔴 – Lawmakers discussed the reduction ofvalue-added tax (VAT) during the 15th National Assembly (NA)’s ongoingsixth session in Hanoi on November 20.
Before the discussion, the NA listened to Minister of Finance HoDuc Phoc’s presentation of a summary report on the NA’s draft resolution on VATreduction. Chairman of the NA's Finance and Budget Committee Le Quang Manhdelivered a report examining VAT reduction. The reports said last year, the legislature issued a resolution onfiscal and monetary policies to support the socio-economic recovery anddevelopment programme, including a 2% reduction in the VAT for certain goodsand services subject to a 10% , effective from February 1, 2022 to December31, 2022. Amid economic challenges, the NA decided to continue with VATreduction from July 1-December 31, 2023. Phoc said from July-October, the policy provided support totalingaround 15.6 trillion VND (650 million USD) for businesses and citizens, contributingto reducing the prices of goods and services, stimulating production and trade, generatingmore jobs to workers and boosting consumption demand. The Government suggested that drastic and effective supportmeasures related to taxes, fees, charges, and land rents that have been issuedin 2023 should continue while similar support for 2024 should be considered andproposed, he said.
Specifically, a 2% VAT reduction was proposed for goodsand services currently subject to a 10% rate, excluding certain categories suchas telecommunications, information technology, financial activities, banking,securities, insurance, real estate business, metals, finished metal products,mining products, coke, refined petroleum, chemical products, and goods andservices subject to special consumption tax, applicable from January 1-June 30,2024.
♛ Concluding the discussion, Phoc provided explanations about some issues raisedby deputies. He said reducing the VAT is one of many measures to stimulate theeconomy and effective only in the short term. Therefore, it is still necessaryto adopt long-term solutions to boost GDP growth./.
The Government on June 30 issued Decree No. 44/2023/ND-CP on reducing the value added tax (VAT) in line with the National Assembly’s Resolution No. 101/2023/QH15 dated on June 24, 2023.
The Party and State of Vietnam always attach great importance to and give top priority to the development of Vietnam–China relations. Vietnam is ready to work with the Chinese Party and State to further deepen the Comprehensive Strategic Cooperative Partnership and promote the building of the Vietnam-China community with a shared future that carries strategic significance.
Under the leadership of President Ho Chi Minh and the CPV, President Cuong said, the press has been a steadfast force on the ideological and cultural front, rallying the masses to pursue national aspirations.
NA Chairman Tran Thanh Man stressed the need to accelerate the application of artificial intelligence and smart teaching equipment, innovate teaching and assessment methods, and further improve the quality of formal education.
He also pledged that the NA will promote its ongoing supervision, making sure that every promise must lead to results, and every commitment must bring about real changes.
Minister of Industry and Trade Nguyen Hong Dien welcomed the proposals put forward by the US side and reiterated Vietnam’s request for consideration of key areas of interest, including reciprocal tariff policies and access for Vietnamese key export products to the US market.
Deputy PM Le Thanh Long proposed countries promote shared values, including building trust, sincerity, and solidarity among nations and peoples; fostering cooperation spirit and responsible behaviour as well as upholding international law and the UN Charter; and placing people at the centre and as the goal, the key player, and the driving force of all policies.
The show, together with a grand parade to be held silmutaneously at Ba Dinh Square in Hanoi, will celebrate the 80th anniversary of the August Revolution, the National Day, and the General Staff of the Vietnam People’s Army (VPA).
In particular, in April 2023, the two sides successfully carried out a joint operation that dismantled a major organised, transnational drug trafficking ring involving both Vietnamese and Cambodian suspects.
The Vietnamese Embassy in Israel is closely coordinating with relevant local agencies to stay informed and provide the utmost support possible for Vietnamese nationals.
The launch of Thanh Nien (Young People) newspaper in 1925, even before the founding of the Communist Party of Vietnam, is considered a testament to President Ho Chi Minh’s strategic foresight and strong belief in the guiding power of the revolutionary media.
New Zealand is currently one of Vietnam’s most important partners in the region, marked by a high level of political trust, strong and reliable defence and security cooperation, and increasingly open economic, trade, and investment ties.
Party General Secretary To Lam stressed that the Central Public Security Party Committee must be fully aware of the extremely important role of the People's Public Security force in the country's new revolutionary phase, so as to guide each branch and level of the force as the nation undergoes transformation.
Addressing concerns over university education spending, Son explained that as public universities gain greater autonomy, the Ministry of Finance has scaled back recurrent state funding. “Over the past decade, as autonomy has increased, the State's support has steadily declined”, he noted
Lao Minister of Foreign Affairs Thongsavanh Phomvihane affirmed that the presence of Vietnamese press offices in Laos vividly demonstrates the great friendship, special solidarity, and comprehensive cooperation between the two nations, as the press is not only a means of communication but also an important bridge for spreading consciousness about the history, values, and strategic depth of the Laos – Vietnam relationship to the people of both countries and the international community.
The country is willing to participate in collective efforts to promote cooperation and mobilise resources to advance the current priority issues of developing countries, such as trade, investment, infrastructure connectivity, making the most of scientific and technological advances for development, and people-to-people exchanges, Hang said.
During the negotiations, the US highly evaluated Vietnam’s goodwill and efforts, affirmed its appreciation for the bilateral relationship, acknowledged Vietnam’s proposals and concerns, and considered these an important basis for continuing discussions and moving towards a final agreement.
The Chairman stressed the need for stricter fiscal discipline, faster digital transformation, and more efficient management of State budget revenues and expenditures.
Minister of Finance Ho Duc Phoc (Photo: VNA) 
