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The National Assembly has agreed to continue reducing 2% of VAT from 1st January 2024 to the end of June 2024. Previously, the National Assembly agreed to reduce 2% of VAT from 1st July 2023 to 31st December 2023. On 29th November 2023, the National Assembly officially agreed to continue implementing a reduction of 2% of VAT until the end of June 2024. The implementation of a reduction of 2% of VAT will be carried out stably as in 2022 and 2023. Reduction of 2% of VAT for goods and services currently subject to 10% VAT (to 8%), except for the...

The General Department of Customs has just issued a official letter no 6087/TCHQ-GSQL answering questions about the issue of customs procedures for temporary import and re-export after ending the rental period. Currently, some companies are facing difficulties with customs procedures for rented goods from foreign companies that have ended for temporary import and must be re-exported but are designated  delivery to other companies in Vietnam for renting by foreign companies. Faced with the above difficulties, the General Department of Customs has clearly noticed that in this case, the goods must be re-exported and returned to foreign companies according to the Regulation of...

From now until the end of the year, the Customs sector will focus resources to facilitate trade, support businesses in import and export, strictly control tax collection and prevent loss of state budget, ... to complete target of state budget of the Customs sector in 2023 through the following specific methods: 1. Focus on promoting administrative procedure reform; focus on resolving difficulties for businesses promptly; create favorable conditions for businesses to develop stably and firmly, attract investment and promote economic growth in order to create a premise for increasing state budget. 2. Along with creating favorable conditions for businesses, customs continues to increase...

Bamboo Airlines announced the temporary suspension of international flights between Vietnam and the UK, Korea, Australia, Germany, Singapore, Thailand, Japan, and Taipei (Taiwan, China). In order to focus resources to ensure stable operations from November 2023, especially during the peak period at the end of the year and Lunar New Year 2024, Bamboo Airlines adjusted its plan to operate domestic and international flights in period from now until 30th March 2024. Regarding the international flight routes, to ensure the concentration of resources and prioritize operational efficiency, the airline will temporarily suspend the operation of a number of routes in the Asian region...

South Korea’s second-largest airline, Asiana Airlines agreed to sell its cargo business and pave the way to a merger with its larger compatriot, Korean Airlines on 2rd November 2023. The carrier has a cargo fleet of 11 B747Fs, three of which are leased, and a 767 freighter. Asiana found itself heavily in debt after Covid-19 battered air travel, prompting its largest creditor, state-owned Korea Development Bank, to inject KRW3.6trn ($2.7bn) of public funds to keep the airline afloat. The government then began pushing for Korean Airlines to take over Asiana. Korea Development Bank said this would give South Korea a single, competitive national...

Hong Kong Air Cargo has expanded into Europe for the first time with a new flight operating to Italy targeting e-commerce volumes. The new three-times-per-week service will operate between Hong Kong International Airport and Milan Malpensa on Tuesday, Thursday and Sunday with a departure time of just after midnight and arrival in Italy at 09:15am. The flights will be operated by one the carrier’s Airbus A330-200 freighters. The first flight took place on October 29. This service is a dedicated solution for e-commerce logistics, ensuring same-day delivery of goods, the carrier said. The airline added that it hoped to add more flights to Europe...