Vietnam will enact energy cost reductions starting November 1 to ease pressures on households and enterprises while maintaining macroeconomic stability. The average retail power tariff will decline by 2 per cent, setting the baseline rate at 2,159.9 dong ($0.085) per kilowatt-hour before value-added tax. Concurrently, the government is cutting gasoline special consumption taxes down to zero through March of next year. These interventions are calibrated to help propel fourth-quarter economic growth above 12.5 per cent.
Key points
Energy cost reductions serve to protect social welfare and reduce operating costs across…: Energy cost reductions serve to protect social welfare and reduce operating costs across domestic businesses.
Zero-rate fuel excise taxes will remain active through the end of March next year to bols…: Zero-rate fuel excise taxes will remain active through the end of March next year to bolster stability.
State officials are utilizing utility and fuel interventions to meet an ambitious annual…: State officials are utilizing utility and fuel interventions to meet an ambitious annual growth target surpassing 10 per cent.
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HANOI, Oct 31 : Vietnam will cut its average retail electricity price by 2 per cent 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 Saturday.
• 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 per cent-10 per cent 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, it said
• Vietnam targets an economic growth of above 10 per cent this year, and fourth-quarter growth must be higher than 12.5 per cent to meet that target
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