A further sixth period of 50%% reduction on some industrial property fees in Vietnam

For the purpose of continuous resolve difficulties and support production activities of businesses, the Vietnamese Ministry of Finance (MoF) issued Circular No. 43/2024/TT-BTC dated 28 June 2024 to provide a further period of the 50% reduction on a number of fees and charges, including industrial property fees.

Specially, the industrial property fees in Section A of the schedule, as promulgated in Circular No. 263/2016/TT-BTC of the MoF, will continue to apply a 50% reduction during the sixth period starting from 1 July 2024 until the end of 31 December 2024.

Previously, the Vietnamese Government has continuously adjusted to reduce industrial property fees during five respective periods of time through:

  • Circular No. 45/2020/TT-BTC,
  • Circular No. 112/2020/TT-BTC,
  • Circular No. 47/2021/TT-BTC,
  • Circular No. 120/2021/TT-BTC, and
  • Circular No. 44/2023/TT-BTC.

This move came in the context of many businesses facing a range of challenges and difficulties due to the impact of COVID-19 and the economic recession.

Therefore, the 50% reduction in industrial property fees as stipulated in Circular No. 43/2024/TT-BTC signifies the Government’s sixth extension in an effort to encourage businesses to stabilize production activities and create favorable conditions for economy development in the future.

From 1 January 2025, the fees and charges would return to normal which are those under said Circular No. 263/2016/TT-BTC, unless any revisions are introduced.

By Le Thi Nguyet

Patent Department