Vietnam Proposes to Exempt Seven Sectors From Value-Added Tax

Vietnam’s Ministry of Finance issued a proposal Tuesday that would grant value-added tax exemptions for seven goods and services.

The seven sectors exempted from the country’s 5% VAT would include: fertilizers; specialized machinery and equipment in agricultural production; offshore fishing vessels; securities depositories; organization services of stock exchanges or securities trading centers; postal services and public telecommunications; and maintenance services parks, street trees, and public lighting.

• The proposal forms part of the government’s broader VAT reform plan, which seeks to review the 26 industries currently exempt from the country’s goods and services tax.
• According to an announcement from ...