Vietnam cuts retail electricity price, removes gasoline tax from Nov 1
Workers work at the Pho Noi Power Station, a state utility owned by Electricity of Vietnam, in Hung Yen province, Vietnam, June 4, 2024.
PHOTO: Reuters file
HANOI — Vietnam will cut its average retail electricity price by two per cent and remove its special consumption tax on gasoline from Nov 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 (S$0.11) 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 seven per cent-10 per cent from Nov 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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