Banks, credit institutions, construction companies and travel firms will be among key beneficiaries of the move, Vietnam News Agency reported on Thursday.
Reductions range from 20 to 50 percent and took effect from Tuesday. They will remain in play until the end of this year.
New banks can expect a massive 50 percent reduction in licensing fees meaning they now just pay 70 million Vietnamese dong (3,000 U.S. dollars).
Several costs in the construction sector have also been reduced by half, including fees for capacity certificates, basic and technical design evaluations and construction evaluations.
There are big breaks for tourism companies as well. Specifically, licence fees for international and domestic travel services will be halved as well as the costs of tour guide cards.
In a recent cabinet meeting, Vietnamese Prime Minister Nguyen Xuan Phuc requested that the country must achieve economic growth of over 5 percent this year, much higher than the 2.7-percent forecast by the International Monetary Fund.
The country resumed most economic activities last week following nearly a month under a nationwide social distancing directive to prevent the spread of COVID-19.
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