On 11 January 2022, Vietnam's National Assembly approved a resolution providing a package of relief measures meant to support growth and recovery from the effects of the COVID-19 pandemic. One of the key measures is a 2% reduction in the standard VAT rate from 10% to 8%, which is effective from 11 January to 31 December 2022. As approved, however, certain activities/supplies are excluded from the rate reduction, including:

• Telecommunication and IT services;
• Finance and banking services, securities, and insurance;
• Real estate business;
• Metal production and manufacture of prefabricated metal products;
• Mining (excluding coal mining), coke production, refined petroleum, and production of chemicals and chemical products; and
• Goods and services that are subject to special sales tax.

Additional details on the measures of the resolution will be published once available.