Finance ministry cuts fees to aid businesses, citizens from July 1

The revised rates, outlined in a recently issued circular, will be effective from July 1 to December 31, 2024.

The measures target a range of sectors, with significant reductions for business operations. Fees associated with establishing and running banks and non-bank credit institutions will see a 50% decrease.

Businesses will also benefit from a 50% cut in fees related to intellectual property protection. Citizens applying for new identity cards will enjoy the same discount.

Other sectors will experience reductions of 10-30%, including fees for getting licenses and permits for civil aviation operations, as well as entry and exit permits for restricted airport areas; and customs fees for foreign flights landing in Vietnam.

The securities industry will see a 50% reduction in most fees and charges. However, there are exceptions for licensing fees of securities professionals and supervision fees for securities activities.

This marks the fourth time the ministry has imposed fee reductions of 10-50%, which is estimated to have a budgetary impact of about VND700 billion (US$29.1 million).