Vietnam’s Ministry of Construction (Moc) is proposing reduced taxes and interest rates for firms dealing in construction materials on the back of the worst year for the industry in ten years, Vietnam News is reporting. This is on the back of a slump in sales and rising input costs.
Key takeaways
- Export tax on clinker was raised from 5 per cent to 10 percent this year;
- Cement sales fell by 16 percent between January and November;
- Hiep Quang Nguyen, Deputy Director of the Building Materials Department, part of the MoC says this is because of the downturn in the real estate market;
- To tackle this the MoC wants more cement used in infrastructure projects;
- A current VAT reduction of 2 percent to be extended; and
- The clinker export tax should go back to 5 percent.