Flexible taxes and fees help businesses reduce input cost pressure
Mr. Pham Quang Anh - Director of DONY Garment Co., Ltd. - said that the reduction of import tax on gasoline and oil, value-added tax and transportation fees has helped businesses significantly reduce input costs in the context of fierce competition.
According to Mr. Quang Anh, gasoline prices affect the entire production chain, from raw materials, logistics, warehousing to delivery. Fuel price increases force businesses to reduce profits to retain customers.
Reducing import taxes on gasoline and oil to 0% and maintaining support policies has helped stabilize the market. Thanks to that, businesses can proactively build production plans, calculate cost prices and confidently sign long-term export contracts" - Mr. Quang Anh shared.
To stabilize the market and ensure energy security before the Middle East conflict, the Government has issued many support policies. In which, Decree 72/2026/ND-CP dated March 9, 2026 reduces preferential import tax on some types of gasoline and raw materials to 0%, helping businesses diversify supply sources and reduce the impact from energy price fluctuations.
Recently, Resolution No. 34/2026/NQ-CP dated June 30, 2026 on extending the application period of preferential import tax, environmental protection tax, and value-added tax on gasoline, oil, and raw materials for gasoline and oil production.
The Ministry of Finance submitted to the Government for promulgation Resolution 69/NQ-CP, temporarily advanced 8,000 billion VND to the Gasoline and Oil Price Stabilization Fund to ensure supply, limit price increases and reduce impact on businesses and people.
Many transport support policies have also been issued, including Circular 39/2026/TT-BTC regulating fees and charges at inland waterway ports and wharves.
Three priorities for fiscal policy to create momentum for the 10% growth target
Reducing gasoline and oil taxes and transportation fees may reduce budget revenues in the short term, but contribute to stabilizing the market, controlling inflation and creating momentum for economic growth.
Talking to Lao Dong Newspaper, Dr. Chau Dinh Linh - Lecturer at Ho Chi Minh City University of Banking - said that through adjusting taxes, fees and price support policies for items with a large proportion in the CPI basket, the State can reduce input cost pressure on the economy.
Thus, fiscal policy not only serves the growth target but also contributes to stabilizing inflation and the macroeconomy.
If compared with many economies in the region that are also affected by energy price fluctuations, it can be seen that Vietnam has had a fairly flexible management method. Instead of administrative intervention in prices, we mainly adjust through taxes and fees. This is a solution to help reduce shock for businesses, while still ensuring a market mechanism" - Mr. Linh said.
Recommending three priorities on fiscal policy from now until the end of the year to contribute to realizing the double-digit growth target, Dr. Chau Dinh Linh said that first of all, it is necessary to improve the effectiveness of implementing Decrees, Circulars and new policies, ensuring that policies are implemented quickly and go into practice.
Second, continue to maintain current tax and fee support policies, and closely coordinate with monetary policy so that the two policies can both be effective in macroeconomic management.
Third, it is necessary to review all policies related to public investment to promote disbursement progress. The important thing is not to only talk about slow disbursement but to clearly identify bottlenecks and handle them thoroughly.
In addition, it is necessary to pay more attention to investment efficiency, especially the ICOR coefficient, i.e., the efficiency of investment capital use. A capital invested must create a corresponding growth value.
Fiscal policy needs to be managed flexibly, responding quickly to each specific scenario of the world economy, instead of just chasing after fluctuations when they have occurred. This will help improve management efficiency and increase the economy's resilience" - Dr. Chau Dinh Linh shared.
