NEWS
VIETNAM GOV’T PLANS 100% LIQUOR EXCISE TAX TO DETER OVER-CONSUMPTION
By Tony Zhu
18-7-2024
Credit: Chris Slupski/Unsplash
The Vietnamese government is planning to increase excise tax on liquors to up to 100 percent by 2030 with a view to lower alcohol consumption by its consumers.
The country’s current tax law levies a 65 percent excise tax on liquors with an ABV of 20 percent or above. Drinks with an ABV below 20 percent carry an excise tax of 35 percent, but beer has its own excise duty at 65 percent.
Under the government’s plan, these would increase to 80 percent, 50 percent and 80 percent respectively by 2026, with a view to increase them to 100 percent, 70 percent and 100 percent respectively by 2030.
“Levying high tax rates is necessary to help reduce consumption of alcoholic drinks,” the finance ministry said in the proposal.
The ministry said alcoholic drinks and beer prices will increase by 20 percent in 2026, compared to 2025. But a further 2 to 3 percent increase is possible due to inflation.
(the writer can be contacted at: info@thewinechronicle.com)
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