Vietnam's Ministry of Finance is reportedly planning a further reduction in the VAT rate from 10% to 8% for a number of goods and services in the first half of 2025. The reduction is similar to prior VAT reductions, the most recent of which applies from 1 July 2024 to 31 December 2024. The reduction generally applies for goods and services normally subject to the standard 10% VAT rate, except for certain specified supplies, including telecommunications, banking, mining products, goods and services subject to excise (special sales) tax, etc.