Vietnam plans to extend electric vehicle tax incentives policy until 2030.

The Office of the National Assembly of Vietnam announced over the weekend that Vietnam plans to extend the special consumption tax exemption for electric vehicles for nearly 4 more years, until the end of 2030, in order to boost electric vehicle sales and reduce carbon emissions. The Office cited a report from the Ministry of Finance in its statement, stating that the government will submit a proposal to extend this tax reduction for parliamentary approval. Vietnam lowered the special consumption tax on electric vehicles in March 2022 from 4%-11% to 1%-3%, and the previous tax reduction policy was set to expire in February 2027.