On June 30, 2023, the Vietnamese government issued Decree 44/2023/ND-CP on the 2% VAT rate reduction from 10% to 8% lasting from July 1, 2023, until December 31, 2023. The 2% VAT reduction does not apply to various goods and services from the following sectors: telecommunications, financial activities, banking, insurance, real estate trading, metals and prefabricated metal products, mining products, refined petroleum and chemical products, information technology, and others. Details of specific goods and services that are not subject to the VAT reduction can be found in the Decree.
A copy of Decree 44/2023/ND-CP can be found here.
