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.