Vietnam’s value-added tax on textile and other products will be reduced by %, and corporate income tax on textile and other production activities will be reduced by %

According to Vietnam’s Labor Daily, the Prime Minister of Vietnam recently decided to reduce the registration fee for passenger cars with 10 or less seats by 50% from May 1, 2009 to the end of the year. The value-added tax rate for products such as spinning, cloth, clothing, leather, footwear products, paper and its products, cement, bricks, two-wheeled motorcycles, and three-wheeled motorcycles with a cylinder capacity of 125cm will be reduced by 50%. The corporate income tax applicable to spinning, textile, printing and dyeing, garments, leather, and shoemaking production activities in the fourth quarter of 2008 will be reduced by 30%.