Mai Thi Phuong Hoa representing Nam Dinh province said that the value-added tax cut will expire on December 31, 2023, which is not long enough for the policy to come into play in practice and state budget revenue to be higher than the reported figure. There should be no delay in guiding the application for a value-added tax refund, she said.

National Assembly deputy Vu Tien Loc of Hanoi delegation. Photo: VOV

Deputy Vu Tien Loc of Hanoi delegation suggested that the 2% value-added tax cut be applied in all areas and last until the end of 2024 plus a number of conditions so that the policy can be extended without being submitted to the Assembly.

“Currently, the world market is facing difficulties, so is the export market. Measures to promote trade, investment and market expansion will not have much effect. What we can influence is the domestic market. Stimulating the domestic market is an important solution. Reducing value-added tax will help drill people's resources, make consumers less difficult, and create an immediate impact on the market of businesses,” Loc said.