HCMC – The Ministry of Finance has proposed a land rent reduction of up to 30% for 2024, potentially amounting to VND4 trillion, to support businesses and households affected by typhoon Yagi and subsequent flooding.
The proposal, outlined in Draft Decree 01/2024/ND-CP, focuses on assisting 26 northern provinces severely impacted by the typhoon. It aligns with government efforts to stimulate economic recovery and boost production.
Two reduction options are being considered: a 15% or a 30% cut. Depending on the option chosen, the policy could lead to a VND2 trillion to VND4 trillion reduction in rent.
The policy applies solely to 2024 rent payments, excluding overdue rent or late fees from prior years.
It will benefit individuals, households, and organizations leasing land directly from the state. Eligible tenants must submit applications to verify their status.
From 2020 to 2023, a similar policy provided average annual rent reductions of VND2.89 trillion to alleviate the financial burden caused by the Covid-19 pandemic.
