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

Hanoi, October 31 - The Vietnamese government has announced plans to reduce the average retail electricity price by 2%, and eliminate the special gasoline consumption tax from November 1, according to a statement released on Saturday. The new average retail tariff will be set at 2,159.9 dong ($0.085) per kilowatt-hour, not including value-added tax.

Additionally, the special gasoline consumption tax, which currently ranges from 7% to 10%, will be reduced to zero during this period until the end of March. The government aims to maintain macroeconomic stability while supporting social welfare and business activity. Vietnam has set a target for economic growth to exceed 10% this year, with the fourth-quarter growth required to surpass 12.5% to achieve this goal.