Vietnam finance ministry extends 50-100% cut in 29 fees to aid businesses
With the approval from Prime Minister Nguyen Xuan Phuc, the new validity period of fees and expenses cut for businesses would be until June 30, 2021.
The Ministry of Finance (MoF) has released a new circular stipulating the extension of validity period of the existing cut of 50-100% in 29 fees and expenses, set to take effect on January 1, 2021.
As the Covid-19 pandemic continues to wreak havoc on global and local economies, the MoF has been providing supporting programs for businesses and people affected by the pandemic, including the removal and reduction of 29 fees and expenses until the end of 2020.
While the pandemic is set to continue persisting for a longer period, with the approval of Prime Minster Nguyen Xuan Phuc, the MoF has decided to extend the validity period of current supporting programs until June 30, 2021.
This include 50% reduction in securities fees (registration fees for the issuance of certificates for brokerage firms, fund management firms; license fees for operation of securities depository and member funds), fees for granting construction capacity certificates, appraisal of construction projects.
In the banking sector, licensing fees for bank or of individual and organization qualification certificate fee have also been slashed by 50%.
The MoF continues to cut 30% fees for the use of data related to environment and hydro-meteorology.
In 2020, such supporting programs are estimated to cost the state budget VND1 trillion (US$43.4 million).
This time, the MoF did not extend the 50% reduction in the registration fee for domestically-produced cars, which is set to expire on December 31, 2020.
The finance ministry considered the move as a short-term solution to support local automobile manufacturers/assemblers during the pandemic, while the cut has reduced state budget revenue by VND3.7 trillion (US$160.58 million).
However, during the implementation process, embassies of some countries, including Thailand, Indonesia, and the European Chamber of Commerce (EuroCham), expressed concern that such a reduction shows discriminatory treatment against imported cars.
- Wind power to lead Vietnam’s pathway to net-zero target: international experts
- Vietnam manufacturing conditions improve in second month running
- Safe, flexible adaptation to Covid-19 remains priority for Vietnam in 2022
- Vietnam among Switzerland’s priorities for economic cooperation: Swiss President
- Japanese giants pledge further support for Vietnam
- ADB, PVN establish partnership to promote green energy development in Vietnam
- VinFast launches global EV brand at 2021 Los Angeles Auto Show
- Southern region’s manufacturers in need of support to restore operations
- Vietnam economy on track for recovery: World Bank
- PM clarifies Vietnam’s attraction to foreign investors
Wind power to lead Vietnam’s pathway to net-zero target: international experts
Hanoi to pour US$19.2-billion in housing development in 2021-2025 period
Vietnam manufacturing conditions improve in second month running
Fostering creativity from Hanoi’s cultural resources
Wild pear flower season comes early on the streets of Hanoi
Businesses recovery vital for Vietnam’s economic prospects: Expert
Safe, flexible adaptation to Covid-19 remains priority for Vietnam in 2022
Vietnam joins the world to end violence against women
Japanese giants pledge further support for Vietnam