HANOI — Vietnam's government plans to seek parliamentary approval for a 30 per cent cut in income taxes for small businesses and household businesses with annual revenue of up to 10 billion dong (S489,000), as part of efforts to support growth, the government said over the weekend.

The proposed tax reduction would apply in 2026 and 2027 to household businesses, individual business operators and micro-enterprises meeting the revenue threshold, the government said in a statement.

The proposal will be submitted to the parliament this month for approval, the government said.

"The move is aimed at encouraging household businesses, individual business operators and small and medium-sized enterprises to expand their production and business activities, thereby helping to drive economic growth," the government said.

Vietnam is targeting annual gross domestic product growth of above 10 per cent during the rest of the decade.

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