Ministry proposes cutting taxes for transport firms

The Ministry of Transport has proposed the Government assign the Ministry of Finance to consider reducing several taxes for transport businesses affected by COVID-19.

  • Gov't considers giving Vietnam Railways back to Transport Ministry
  • Coronavirus hurts transport companies amid fears of public gatherings

For the civil aviation industry, the ministry has suggested the Government to exempt import and environmental protection taxes on flight fuel from January 23 to December 31, 2020.

In case of difficulties balancing the budget, the ministry expected the Government to cut half of these taxes and allow businesses to delay tax payments and budget contributions.

The ministry also asked for reduced or suspended payments for corporate income, personal income and foreign contractor taxes from January 23 to December 31, 2020. Businesses are expected to enjoy cuts to value-added tax on domestic transport over three years.

Coaches at Giap Bat Bus Station in Hanoi (Photo: VNA)
Coaches at Giap Bat Bus Station in Hanoi (Photo: VNA)

Last month, the ministry said the aviation sector would be heavily impacted by the COVID-19 pandemic, causing an estimated loss of about 30 trillion VND (1.29 million USD).

National flag carrier Vietnam Airlines, which holds nearly 40 percent of the domestic market share, recently said that it would reduce its supply by 60 percent, causing a decrease of 50 trillion VND in revenue, or 65 percent of its target.

More than 50 percent of Vietnam Airlines employees had stopped working, while wages had been reduced.

In the maritime sector, the ministry said the number of vessels transporting goods entering and leaving ports had decreased by 15 percent in recent months. As for passenger ships from other countries to Vietnam, the number had fallen 30 percent year-on-year, and was expected to fall further this month.

Meanwhile, the volume of inland waterway and freight had fallen by 10 percent. Revenue from road logistics had fallen sharply by 40-80 percent compared to the same period last year and prior to the outbreak.

VNA

Other News

A view of a container port in Singapore. (File photo: Xinhua/VNA)

Vietnam-Singapore trade cooperation gains fresh momentum

Analysts noted that Vietnam-Singapore ties are increasingly moving beyond traditional goods trade towards green growth, innovation and high-quality supply chains, laying a stronger foundation for more substantive and sustainable cooperation in the years ahead.

Vietnamese products make strong impression at Foodservice Australia 2026

Vietnamese products make strong impression at Foodservice Australia 2026

International visitors expressed positive impressions of Vietnamese products displayed at the fair. Nelma Sanjines, senior supervisor at ESP Catering in Sydney, praised the flavour of Vietnamese chilli sauce and soy sauce as well as the attractive packaging of confectionery products.

Digital technology helps standardise supply chains, sustain export competitiveness

Digital technology helps standardise supply chains, sustain export competitiveness

Experts noted that supply chain optimisation and risk management are no longer isolated tasks for individual companies but a requirement for the entire export ecosystem. With guidance from regulators, support from industry experts and their own efforts, Vietnamese exporters are expected to enhance their competitiveness and turn technical barriers and market volatility into opportunities for sustainable growth in global markets.

Vietnam seen as attractive investment destination for 2026–2035

Vietnam seen as attractive investment destination for 2026–2035

The article described Vietnam as strategically positioned along major regional maritime routes, including the East – West corridor linking the Americas, the Middle East, India and Europe, and the North – South corridor connecting China and Southeast Asia, helping make the country a gateway for international trade.

Eco-industrial parks seen as catalyst for higher-quality FDI

Eco-industrial parks seen as catalyst for higher-quality FDI

The eco-industrial park model will help Vietnam meet international environmental standards while creating opportunities to improve growth quality and economic competitiveness. Many multinational corporations now view green standards, emissions reduction and energy efficiency as key conditions when selecting investment destinations.

Promoting Vietnamese Brands at an International Food Fair in Gwangju

Promoting Vietnamese Brands at an International Food Fair in Gwangju

Alongside exhibition activities, trade promotion, and business networking programs, the “Gwangju Global Food Fair 2026” also witnessed the signing ceremony of a Memorandum of Understanding (MOU) between the Vietnam–Korea Businessmen & Investment Association (VKBIA) and the Gwangju Tourism Organization of South Korea.

Hanoi proposes subsidies to accelerate shift to electric vehicles

Hanoi proposes subsidies to accelerate shift to electric vehicles

Under a draft resolution currently open for public feedback by the municipal People’s Committee, residents with permanent or temporary residence registration in Hanoi for at least two consecutive years, who own petrol-powered motorbikes registered before the resolution takes effect, will be eligible for support when purchasing electric motorbikes priced at 10 million VND or more.

Private economic sector poised for breakthrough growth

Private economic sector poised for breakthrough growth

More than a year after the Politburo's Resolution No. 68-NQ/TW on private sector development came into effect, expectations now extend beyond increasing the number of enterprises. The goal is to build a stronger business community with greater resilience, larger ambitions and the capacity to compete in global supply chains.

Vietnam remains ASEAN growth leader in 2026 despite global headwinds: WB

Vietnam remains ASEAN growth leader in 2026 despite global headwinds: WB

Vietnam is expected to remain one of ASEAN’s fastest-growing economies in 2026, supported by resilient exports, strong investment inflows and an ambitious reform agenda, despite mounting global uncertainties, according to the World Bank’s latest Vietnam Economic Update released on May 15.

Ministry establishes monitoring framework for carbon market

Ministry establishes monitoring framework for carbon market

Under a new circular, the exchange of greenhouse gas emission quotas and carbon credits is conducted on the domestic carbon credit exchange through the carbon trading system, which is interconnected with the national registration system.