The Ministry of Finance has proposed the Prime Minister extend the 30 per cent reduction on land-use fees throughout 2023 as part of measures to help businesses and individuals overcome the ongoing difficulties and challenges.

Sectors such as real estate, agriculture, and mining are facing issues due to tightened credit and the impact of the Russia - Ukraine conflict, according to the ministry.

In the first eleven months of 2022, the government offered tax breaks and fee reductions totaling VND47.8 trillion ($2 billion) to businesses and individuals under the socio-economic recovery support program for the year.

It cut value-added tax rates from 10 per cent to 8 per cent on goods and services, costing VND36.7 trillion ($1.54 billion); a 50 per cent cut in registration fees for motor cars and motorized vehicles produced locally, costing VND6.6 trillion ($281 million); and a 50 per cent reduction on environmental protection taxes on jet fuel, costing VND1.9 trillion ($89.4 million).

Land rent reductions last year totaled VND3.5 trillion ($149.33 million).