Legislators work on further application of 2% VAT reduction
Legislators on May 24 listened to a proposal and a verification report on the further application of the 2% reduction in the value added tax (VAT) under a resolution dated January 11, 2022, as part of the ongoing fifth session of the 15th National Assembly.
Hanoi (VNA) – Legislators on May 24 listenedto a proposal and a verification report on the further application of the 2%reduction in the value added tax (VAT) under a resolution dated January 11,2022, as part of the ongoing fifth session of the 15th NationalAssembly.
Minister of Finance Ho Duc Phoc noted that theGovernment submitted Resolution 43/2022/QH15 on fiscal and monetary policies insupport of the socio-economic recovery and development programme for approval.
The resolution prescribes the VAT reduction for mostitems from 10% to 8%, he continued, noting that the document has helpedbusinesses and people with about 44.5 trillion VND (1.8 billion USD),contributing to spurring production and business, generating jobs forlabourers, stimulating consumption, and raising State budget collection.
Given the complexities in the domestic and global situationforecast for the time ahead, which would challenge the domestic economy andenterprises, the Government proposed the further application of the 2% VATreduction from July 1, 2023 to the end of this year, the minister said.
Minister of Finance Ho Duc Phoc (Photo: VNA)
According to Chairman of the NA’s Finance-BudgetCommittee Le Quang Manh, most of the members of the committee approved theGovernment’s proposal to further support people and businesses in recovery and development.
The committee, however, suggested the Government evaluatethe impact of the reduction more precisely to meet set targets, he said, adding thatsome proposed raising the rate to 4% from the present 2%.
Most of the lawmakers also agreed with the durationfrom July 1 to the end of this year, while some others held that it should beextended to ensure the stability and efficiency of the policy, Manh said./.
The 15th National Assembly (NA) convened its fifth plenary session in Hanoi on May 22 morning, broadcast live on the channels of radio The Voice of Vietnam (VOV1), the Vietnam Television (VTV1), and the National Assembly TV.
The 15th National Assembly held a plenary session in Hanoi on May 23, the second day of its ongoing fifth sitting, during which legislators touched upon different issues.
Legislators put the contentious contents of the draft revised Law on Bidding under the microscope on May 24 as part of the ongoing fifth session of the 15th National Assembly.
Lawmakers are set to vote on revisions and amendments to a broad spectrum of legal frameworks and impactful resolutions during the final week of the 15th NA's 9th session.
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The programme to eliminate temporary and dilapidated houses has achieved notable results, with nearly 263,000 housing units addressed to date, including 225,000 houses inaugurated and 38,000 under construction. Thirty-eight provinces and cities across the nation have already fulfilled their targets.
Stronger efforts and determination are required to achieve and surpass the set targets, especially in the eradication of makeshift and dilapidated houses nationwide, the acceleration of public investment disbursement, and the implementation of nationally important transport projects, PM Pham Minh Chinh noted.
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Long spoke highly of the dynamic, positive, and comprehensive development of Vietnam – Russia relations in recent years. He affirmed that the Vietnamese Party and State place great importance on further strengthening the comprehensive strategic partnership with Russia in a substantive and effective manner, in line with the development needs of both nations.
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Reality is the ultimate benchmark for success, he said, urging drafting agencies to work out policies that foster development, reduce bureaucratic hurdles, and respect practical conditions.
Under the official dispatch signed on June 20, ministers, heads of ministerial-level agencies, and chairpersons of provincial and municipal People’s Committees are requested to concentrate efforts on implementing core measures to ensure the smooth operations of the new administrative framework.
The Party chief underscored the need for the press to innovate relentlessly, evolve to keep pace with the country's development, transform into a truly professional, humanistic, and modern sector that serves the cause of the Party, the State, and the people on the path to national construction and development.
The UN Secretary-General praised Vietnam’s remarkable achievements in socio-economic development and international integration in recent years, noting that the country has emerged as a model in implementing the Sustainable Development Goals (SDGs), promoting international peace and security, and engaging in key UN processes.
Nghia affirmed that this is a milestone of special significance, affirming and honouring the the Vietnamese revolutionary press’s glorious tradition of 100 years of serving the revolutionary cause of the Party, serving the Fatherland, and serving the people.
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).
Illustrative photo (Source: VNA) 
Minister of Finance Ho Duc Phoc (Photo: VNA) 
