On 11 January 2022, the National Assembly of Vietnam issued Law No. 03/2022/QH15 ("Law 03/2022") amending and supplementing these laws: (i) Law on Public Investment; (ii) Law on Public – Private Partnership; (iii) Law on Investment; (iv) Law on Housing; (v) Law on Bidding; (vi) Law on Electricity; (vii) Law on Enterprises; (viii) Law on Excise Tax; and (ix) Law on Enforcement of Civil Judgements. Law 03/2022 took effect on 1 March 2022.
Among other things, the Law on Investment is amended to give more power to the local competent authorities to grant in-principle investment grants, thus making the licensing procedures less complicated and burdensome to investors. To further promote investment and development of electric vehicles, and reduce carbon emissions from fuel vehicles, Law 03/2022 also amended and supplemented the Excise Tariff as regulated in Article 7 of the Law on Excise Tax, by reducing the excise taxes for electric vehicles within five years from the date Law 03/2022 took effect (i.e. from 1 March 2022 to 28 February 2027).
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