Vietnam cuts retail electricity price, removes gasoline tax from November 1

Hanoi, October 31 - The Vietnamese government announced on Saturday a 2% reduction in the average retail electricity price and the elimination of a special gasoline consumption tax for the period beginning November 1. This move aims to foster economic stability and alleviate financial burdens on both households and businesses.

The revised electricity tariff will decrease to 2,159.9 dong ($0.085) per kilowatt-hour, excluding the value-added tax. Additionally, the special gasoline consumption tax, which previously stood at 7%-10%, will be reduced to zero during the same timeframe until the end of March next year.

The government's decision intends to bolster macroeconomic stability, while concurrently promoting social welfare and business activity. With Vietnam aiming for an economic growth rate exceeding 10% this year, the fourth-quarter growth must surpass 12.5% in order to achieve this objective.