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Ho Chi Minh City
Thursday, December 2, 2021

Fee reductions extended until June 2022

The Saigon Times

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HCMC – The Government has approved the Ministry of Finance’s proposal to extend the reduction of fees which have been cut this year until the end of June next year.

According to an announcement issued by the Government Office on November 15, the Government also agreed to simplify procedures when issuing circulars on fee cuts to support enterprises, residents and those affected by the Covid-19 pandemic, Thanh Nien newspaper reported.

Under a report sent by the Ministry of Finance to the Government in late October, due to the fourth Covid-19 wave, the country’s gross domestic product (GDP) in the third quarter of this year fell 6.17%, resulting in a 1.42% economic growth in the January-September period, the lowest since 2000.

The country’s GDP growth has been forecast to reach some 3% this year, well below the 6% target.

The country will continue facing difficulties in the rest of this year. Meanwhile, the pandemic will be raging on in Vietnam and elsewhere in the world next year.

Many fees have been cut for residents and enterprises since last year, such as fees for licensing the establishment and operation of banks, issuing construction permits, appraising construction projects and some fees in the securities sector, among others. The fee cuts have amounted to some VND3 trillion since last year.

The Ministry of Finance had also proposed issuing circulars on the fee cuts with simplified procedures and immediate validity to promptly support those affected by the pandemic.

 

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