Not so sweet move - Vietnam approves sugary drinks tax under amended consumption law
Under the revised law, drinks containing more than 5 grams of sugar per 100 ml will be taxed at 0 per cent in 2026, 8 per cent from January 2027, and 10 per cent starting in 2028.
According to the report, milk, 100 per cent fruit juice, coconut water, liquid nutritional supplements, mineral water, and nectar drinks will be exempt from the tax.
The law, effective from Jan. 1, 2026, also expands taxation to air conditioners within certain capacity ranges, while maintaining current tax rates on products like alcohol, tobacco, vehicles, and entertainment services, the report added.
During the National Assembly's meeting, delegates also proposed new taxable items such as online games, cosmetic services, and plastic packaging, pending further discussion. - Xinhua
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
The Star
2 hours ago
- The Star
Serbia cuts 2025 GDP forecast to 2.75 pct on weaker agriculture, uncertainty
BELGRADE, Aug. 13 (Xinhua) -- Serbia's central bank has lowered its 2025 GDP growth forecast to 2.75 percent from previous projection of 3.5 percent in May, citing a poor agricultural season and reduced investor confidence. National Bank of Serbia (NBS) Governor Jorgovanka Tabakovic said second-quarter growth was weaker than expected, with early data showing lower wheat and fruit output and smaller sown areas for autumn crops. "Unfavourable weather conditions, first frost in spring and then extreme heat and drought in June, significantly reduced yields of many fruit crops, whose prices recorded a sharp increase," Tabakovic said at the presentation of the August Inflation Report on Wednesday. The NBS expects activity to accelerate in the second half of the year, supported by further growth in the automotive industry, higher exports, and infrastructure projects under the "Leap into the Future - Serbia Expo 2027" program. Announced by President Aleksandar Vucic in January 2024, the program involves an investment of 17.8 billion euros (about 20.8 billion U.S. dollars) over the next three and a half to four years for projects across the country, including preparations for Expo 2027. The NBS also projected growth of 4-5 percent in 2026 and 2027, with the upper range likely in 2027 due to the Expo's boost to services and net exports. Inflation rose to 4.9 percent in July from 4.6 percent in June, driven by higher unprocessed food and oil prices. The bank expects it to stay near the upper bound of its target range through year-end before easing in 2026. Economic growth in the second quarter stood at 2.0 percent year-on-year, supported by services and manufacturing but offset by declines in construction and energy. In the first half of the year, exports rose 10.8 percent year-on-year, led by automotive-related manufacturing, while imports grew 11.4 percent on higher purchases of raw materials and consumer goods. The current account deficit reached 4.7 percent of GDP, with foreign direct investment inflows of 1.5 billion euros, down 40 percent from the same period last year but expected to strengthen in the second half.
The Star
4 hours ago
- The Star
Feature: Kaleta Hydropower Station embodies vitality of China-Guinea energy cooperation
CONAKRY, Aug. 13 (Xinhua) -- On the Konkoure River flowing down from the Fouta Djallon highlands in central Guinea, the striking structure of the Kaleta Hydropower Station is reflected in the waters. The facility has supplied stable electricity to the national capital of Conakry and villages in the northern mountains, now featured on Guinea's 20,000-franc banknote, which shows a stark contrast to the scene a decade ago. The hum of diesel generators used to cloud Conakry's nights, despite the region's fame as the "Water Tower" of West Africa. Over 70 percent of Guinea's power came from expensive and polluting fuel oil, with high costs and a fragile grid severely hindering economic development. "Before Kaleta Hydropower Station was built, power outages were common in our community. We experienced them almost daily, sometimes lasting for hours," recalled Alhassane Bangoura, a local translator who worked on the project. In August 2015, the Kaleta Hydropower Station, constructed by China International Water and Electric Corporation (CWE), a wholly-owned subsidiary of China Communications Construction Company Limited, commenced full operations. Its average annual output of 1.125 billion kilowatt-hours of clean electricity filled nearly half of the national power gap and increased the share of renewables in Guinea's energy mix. "The transmission network built alongside the station delivers power from the capital to 11 prefectures. Remote areas accessed stable electricity for the first time," said Djenabou Diallo, financial manager of the Kaleta Power Plant Management Company. In 2021, the Souapiti Hydropower Station, also constructed by CWE further upstream on the Konkoure River, began operations. With a combined capacity of 690 megawatts, the Kaleta and Souapiti plants now contribute over 80 percent of Guinea's electricity generation, liberating the country from its reliance on fuel oil. This reliable green energy has also transformed Guinea from a power-deficient state into a net exporter, supplying electricity to six neighboring countries, including Senegal, Gambia, Guinea-Bissau, and Sierra Leone. "We used to struggle to meet domestic demand. Now, we light up nights in neighboring countries," Diallo told Xinhua with pride. In Kaleta's control room, Bangoura skillfully assisted a local crew. As a member of the station's operations team, his journey also exemplifies the strength of China-Guinea technical cooperation. "From construction to operation, we received systematic training in welding, electrical work, and equipment maintenance. The 'knowledge transfer' from Chinese engineers gave us valuable skills," he said. At its peak, the Kaleta project created over 1,500 local jobs. Since the operational phase in 2016, the CWE partnered with the Guinean government to select nearly 100 Guinean trainees for study in China or at local universities. "Give a man a fish, and you feed him for a day; teach a man to fish, and you feed him for a lifetime," said Chen Qiuhan, market development director at CWE Guinea. The training and mentorship program at Kaleta was successfully replicated at Souapiti. Many of the local technicians trained at Kaleta have become mentors for the new project. Today, the Guinean teams can independently handle routine maintenance and participate in scheduling and planning for both stations. "Our Chinese friends taught us not just technology, but the philosophy of sustainable development," Bangoura noted. The team at the Kaleta project donated equipment benefiting around 20,000 nearby residents, while regular "open days" often drew hundreds of local children to the venue. "Chinese builders played football with us, celebrated our festivals, and respected our culture like friends. Once, when my family member fell ill, a Chinese colleague helped contact the Chinese medical team and drove us to the hospital," Bangoura recounted. As night falls, Kaleta's lights twinkle like stars across the valley. In local homes, children study under lamps, factories hum with machinery, and cities in neighboring countries thrive on Guinean electricity. "CWE is committed to further cooperation with the Guinean government. By steadily developing the power sector, we aim to better support Guinea's mining development vision," said Chen. The 20,000-Guinean franc banknote bearing the station's image not only embodies the West African country's progress, but also sends a message that travels across mountains and seas: True cooperation ensures the light of advancement reaches every corner.
The Star
4 hours ago
- The Star
Saudi sovereign fund reports 25 pct revenue jump in 2024
RIYADH, Aug. 13 (Xinhua) -- Saudi Arabia's Public Investment Fund (PIF) on Wednesday reported a 25 percent rise in total revenues for 2024 and said its assets under management grew 19 percent to 913 billion U.S. dollars as the sovereign wealth fund continues its drive to diversify the kingdom's economy. According to its 2024 annual report released on Wednesday, the fund's total revenues reached 413.4 billion Saudi riyals (around 110.2 billion dollars), a significant increase from 331.4 billion riyals in 2023. The PIF is the main engine of Crown Prince Mohammed bin Salman's Vision 2030, a sweeping economic agenda aimed at weaning the world's top oil exporter off its dependence on crude by building new industries and mega-projects at home and making major investments abroad. "The annual report for 2024 is marked by significant growth underpinned by solid financial health, as PIF further established its position as one of the world's largest sovereign wealth funds," Yasir A. AlSalman, the fund's chief financial officer, said in the report. The fund stated its cumulative contribution to the kingdom's real non-oil GDP reached 243 billion dollars between 2021 and 2024, and it has maintained an annual average total portfolio return of 7.2 percent since 2017.
