Vietnam has opened VAT refund desks at Tan Son Nhat and Noi Bai international airports.

This is part of a pilot VAT refund scheme for foreign passport holders from this month to June 2014 at the nation’s two biggest airports.

Foreigners making purchases worth VND2 million or above can claim VAT refunds upon their departure from the two airports. Receipts used to claim VAT refunds must not be more than 30 days old from the date of departure.

However, just 85% of the VAT paid is refunded and the currency for this purpose is Vietnam dong.

BIDV and VietinBank are responsible for refunding the tax at Tan Son Nhat airport while Vietcombank and Maritime Bank do this job at Noi Bai airport.

According to Hoang Viet Cuong, deputy head of the General Department of Customs, VAT refunds will encourage foreign passport holders to increase spending in Vietnam, boost tourism and goods exports.

Cuong said the scheme would be expanded to other airports and border gates nationwide in future.

There are 54 enterprises and stores having registered to join the VAT refund scheme.

Source: SGT