Under the newly-approved decision, if foreigners make purchases in Vietnam and exit the country through Noi Bai and Tan Son Nhat International Airports between July 1, 2012 and June 30, 2014, they will enjoy VAT refunds.
Goods subjected to VAT refund have to belong to the list of VAT applications, exclude from the prohibited items list and have valid invoices at least VND2 million (USD95.2) and VAT refund registration statements within 30 days.
Commercial banks responsible for VAT refunds will have to pay the refund in advance in VND or foreign currency in line with the current exchange rates.
