Vietnam: Retail Electricity Price Cut 2 Percent and Gasoline Tax Removed From November 1
Vietnam will cut its average retail electricity price by 2 percent and remove its special consumption tax on gasoline from November 1 to support economic stability and reduce costs for households and businesses, the government said on October 31.
The average retail tariff will fall to 2,159.9 dong ($0.085) per kilowatt-hour, excluding value-added tax, the government said in a statement. Its special consumption tax on gasoline will be cut to zero from 7 to 10 percent from November 1 until the end of March next year.
The decision was intended to help maintain macroeconomic stability while supporting social welfare and business activity, the government said.
Vietnam targets economic growth of above 10 percent this year, and fourth-quarter growth must be higher than 12.5 percent to meet that target, making the price and tax cuts a direct cost relief for production and households in the final quarter.
Source: GSM · USA (original Chinese edition)
Photo: 照片：越南河内街景，Ltn12345 摄，Wikimedia Commons，CC BY-SA 4.0 授权 / Photo: street in Hanoi, Vietnam, by Ltn12345, Wikimedia Commons, CC BY-SA 4.0
