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

By Reuters News

HANOI, Oct 31 (Reuters) - Vietnam will cut its average retail electricity price by 2% and remove its special consumption tax on gasoline from November 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 ($0.085) 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 7%-10% from November 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% this year, and fourth-quarter growth must be higher than 12.5% to meet that target

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