Gov’t continues to cut land rentals for pandemic-hit entities
VGP - The Government sets goal to reduce land and water surface rents worth around VND 3.5 trillion (over US$ 50 million) for COVID-19 pandemic-hit enterprises in 2022.
This is part of the Government's Resolution 125/NQ-CP, dated September 22, 2022 on reduction of land and water surface rentals for COVID-19 pandemic-hit enterprises.
This is the third consecutive year the Government has cut land and water surface rentals for COVID-19 pandemic-hit enterprises in a bid to revitalize the economy.
Earlier, the Government issued Resolution 11/NQ-CP (Resolution 11), dated January 30, 2022 on socio-economic recovery measures.
Resolution 11 stipulates 30 percent reduction of land rentals for tenants that meet both of the following conditions: (1) The tenants lease land directly from the State under a decision, or contract, or certificate of land use right and make annual land rental payments; (2) The tenants suffer business suspension due to COVID-19.
The Ministry of Finance reported that last year, over VND 3.4 trillion of land rental fees were cut under the Prime Minister Decision 27/2021/QD-TTg.