The Ministry of Finance (MoF) has submitted to the Prime Minister for issuance a decision on reducing land use fees throughout 2023 by 30 per cent.

This is part of measures to help businesses and individuals overcome the ongoing difficulties and challenges, according to the ministry.

The reduction of land use fees will benefit organizations, units, enterprises, households, and individuals who directly lease land from the State under State agency decisions or contracts and make rent payments annually.

In 2020 and 2021, the MoF submitted to the government for issuance a number of decisions on reducing land use fees for those who leased land from the State and were affected by the Covid-19 pandemic.

In 2022, the ministry again submitted to the Prime Minister for issuance a decision to reduce land and water surface use fees for those affected by the pandemic.

Total land and water surface rent reductions in 2020-2023 are estimated at over VND8 trillion ($335 million).