Vietnam cut its average electricity tariff and set gasoline’s special consumption tax to zero from Nov. 1, with the power utility saying the tariff change was intended to support households and businesses.
Vietnam Electricity (EVN) set the average retail price at VND 2,159.9037 per kilowatt-hour, excluding value-added tax, a 2% reduction. Separate rates apply to customer groups under a Ministry of Industry and Trade decision that also took effect Nov. 1. EVN said its cost review and efforts to trim spending preceded the change, which it described as support for consumers and broader economic stability.
The ministry also lowered maximum retail prices to VND 24,223 per liter for E5RON92 and VND 24,159 for E10RON95-III, cuts of VND 1,804 and VND 1,575, respectively. The new ceilings took effect at 1 p.m. ET Oct. 31 (17:00 UTC, equivalent to 00:00 Vietnam time Nov. 1).
Government Resolution No. 45/2026/NQ-CP sets the special consumption tax at 0% for all gasoline types from Nov. 1 through March 31, 2027. Deputy Prime Minister Nguyen Van Thang signed the measure Oct. 31. Previous rates were 10% for regular gasoline, 8% for E5 and 7% for E10. The government said the measure aims to safeguard energy security and support stability in the petroleum market.
The Ministry of Finance said the tax cut would reduce state revenue in the short term but gave no estimate. Vietnam also temporarily set the special consumption tax on gasoline at zero from March 26 through June 30, 2026, the government said.
The measures come as Vietnam pursues a 2026 GDP growth target of at least 10%. The economy grew 9.01% year over year in January-September, and Prime Minister Le Minh Hung said fourth-quarter growth would need to exceed 12.5% to meet the annual goal.
The 0% rate is scheduled to expire after March 31, 2027, though the government may shorten or extend the period.
