HANOI: The Vietnamese National Assembly on Tuesday approved a resolution to extend the 2-percent reduction in value-added tax (VAT) on certain categories of goods and services through the end of 2026, Vietnam News Agency reported.

Under the resolution, the VAT rate will remain reduced from 10 percent to 8 percent for selected goods and services, excluding sectors such as telecommunications, finance and banking, securities, insurance, real estate and metal products.

The reduction will extend to businesses operating in transportation, logistics, information technology services and goods.

Vietnamese Minister of Finance Nguyen Van Thang said the continued VAT reduction aims at stimulating production and business activity, contributing to state budget revenue.(Xinhua)