The Resolution No. 110/2023/QH15 dated 29 November 2023 of the 15th National Assembly (“Resolution 110/2023”) states that the reduction of 2% VAT as stipulated in Article 3 of the Resolution No. 43/2022/QH15 will be applied until 30 June 2024.

Accordingly, the VAT rate of 8% will be applied to goods and services that are currently subject to 10% VAT. The reduced VAT rate of 8% is however not applicable to the following goods and services:

1. Telecommunications;
2. Information and technology;
3. Banking and finance activities;
4. Securities;
5. Insurance;
6. Real estate;
7. Metals;
8. Prefabricated metal products;
9. Coke;
10. Refined petroleum;
11. Chemical products;
12. Products and services subject to excise tax.

Disclaimer: This publication is for general update. This should not constitute our professional advice for a particular case, entity, or any person. Should you need further information on the matter or our professional assistance for your specific cases, please contact us.