Want to be in the loop?
subscribe to
our notification
Business News
HCM CITY REDUCES 2022 LAND RENT FOR BUSINESSES BY 30 PER CENT
The HCM City Tax Department has reduced land and water area rents from 2022 for those affected by the COVID-19 pandemic.
Under the decision, organisations, units, businesses, households, and individuals that lease land and water areas from the State in the city will enjoy a 30 per cent reduction in rent. This regulation does not apply for land and water area rents owed in the years before 2022.
Land and water area tenants can submit applications to reduce land and water area rents to the tax department or the management board of economic zones or high tech parks online, in person or by post.
The deadline for submitting an application for a reduction in land rent is March 31.
To those who are entitled to the cut but have already paid their 2022 land rent, they will have their rent for the following period or year reduced. Those who don’t have a following period to pay land rent will have their payment refunded in conformity with legal regulations on tax management and relevant rules.
In the context of a difficult market, many real estate businesses have fallen into trouble, and the policy of reducing land rent by 30 per cent is expected to be a supportive initiative to help businesses revive.
Đỗ Phước Tống, chairman of the Duy Khanh Mechanical Engineering Company, said his business had rented more than 5,000 square meters of land for 50 years. The reduction of land rent would help reduce the financial costs of enterprises.
Sử Ngọc Khương, senior director of investment, Savills Việt Nam, said the 30 per cent reduction in land rent would be a great support for businesses investing in real estate. This would remove difficulties for businesses in the industrial real estate sector as well as manufacturing factories.
Source: VNS
Related News
![Card image cap](/uploads/news/Eco4.jpg)
GDP GROWTH REACHES 6.42 PC IN FIRST HALF
Vietnam's economy grew by 6.42 pc in the first six months of 2024, slightly lower than the figure of 6.58 pc in the same time of 2022 within the 2020-2024 period.
![Card image cap](/uploads/news/FDI.jpg)
FDI INFLOW INTO VIETNAM REACHES NEARLY 15.2 BILLION USD
Vietnam attracted nearly 15.2 billion USD in foreign direct investment (FDI) in the first six months of this year, a year-on-year increase of 13.1 per cent, according to the General Statistics Office.
![Card image cap](/uploads/news/Eco3%20%281%29.jpg)
CAPITAL FLOWS STRONGLY INTO INDUSTRIAL REAL ESTATE
Industrial real estate has had easier access to bank credit since July, when the State Bank of Vietnam (SBV) reduced the credit risk coefficient for industrial real estate from 200 per cent to 160 per cent, encouraging commercial banks to lend to more projects in the segment.
![Card image cap](/uploads/news/Eco8.jpg)
SPECIAL POLICIES PROPOSED TO DEVELOP THE SEMICONDUCTOR INDUSTRY
The draft law has proposed a number of outstanding policies to promote the development of the digital technology industry, develop the brand of Việt Nam's digital technology industry and develop domestic and foreign markets, as well as investing, purchasing and selecting suppliers of digital technology products and services using State budget capital.
![Card image cap](/uploads/news/FDI3%20%281%29.jpg)
CONGLOMERATES AID FOREIGN MANUFACTURING INVESTMENT
The manufacturing and processing sector is attracting major investment from abroad, thanks to the expansion of key conglomerates, especially from South Korea. With total revenues of about $16.2 billion and profit of $400 million last year, Hyosung Group, which works in textiles and garments, industrial materials, IT, construction, and chemicals, has expressed its plan to expand operations in Vietnam.
![Card image cap](/uploads/news/CN40.jpg)
ESTABLISHING NATIONAL COMPREHENSIVE DATABASE FOR DIGITAL TRANSFORMATION
Vietnam's Ministry of Public Security is drafting the data law project to unify, synchronize and effectively use data for administration and social economic development, for digital government development and for administrative procedure reform.