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

HANOI, Oct 31 : Vietnam will cut its average retail electricity price by 2 per cent 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 per cent-10 per cent 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 per cent this year, and fourth-quarter growth must be higher than 12.5 per cent to meet that target