Production at a company in An Giang Province. In a move to ease burdens and bolster economic activity, the Ministry of Finance has announced reductions in fees and charges for various services from July. — VNA/VNS Photo Thanh Sang

In a move to ease burdens and bolster economic activity, the Ministry of Finance has announced reductions in fees and charges for various services.

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

Businesses will also benefit from a 50 per cent 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 per cent, including fees for obtaining licences and permits for civil aviation operations, entry and exit permits for restricted airport areas, and customs fees for foreign flights landing in Việt Nam.

The securities industry will see a 50 per cent 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 per cent, which is estimated to have a budgetary impact of about VNĐ700 billion (US$29.1 million). — VNS