Vietnam Could See Special Consumption Tax Doubled For Alcohol By 2030

2024-08-13 08:15:16

(MENAFN- IANS) Hanoi, Aug 13 (IANS) The special consumption tax rate could double or nearly double for beers and alcoholic beverages with alcohol content of greater than 20 degrees by 2030, according to the Vietnamese Ministry of Finance.

The ministry on Tuesday proposed two options for the tax increase on beers and alcoholic beverages, reports Xinhua news agency, quoting Vietnam News.

The first option will see the tax rate raised by over 5 per cent by 2026 with prices potentially increasing by 10 per cent compared to 2025.

The second option will see the tax rate raised by over 15 per cent by 2026 with prices expected to increase by 20 per cent compared to 2025.

Economists and industry experts have called for caution before raising Vietnam's special consumption tax on beers and alcoholic beverages, pleading with regulators to consider the long-term effect it may have on the budget.

Vietnam has imposed a special consumption tax on commodities including cigarettes and cigars, various types of alcohol, beer, cars with fewer than 24 seats, petrol, and petrol additives, playing cards, votive papers, motorcycles over 125cc, aeroplanes, and yachts.

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