Vietnam Proposes 30% Tax Cut for Small Businesses, Potentially Benefiting 99.98% of Households

The Vietnamese government has proposed a 30% reduction in personal income tax and corporate income tax for sole proprietorships and businesses with annual revenues not exceeding VND10 billion (approximately $400,000). The Minister of Finance indicated that this threshold could benefit 99.98% of such businesses, highlighting the policy's aim to support SMEs.