HANOI - Vietnam plans a 15.84 trillion dong ($679 million) cut in corporate income tax for small-sized enterprises this year to help them overcome the impact of the coronavirus pandemic, the Ministry of Finance said on Monday.

The ministry is seeking a 30% cut in corporate income tax for companies with annual revenue of less than 50 billion dong ($2.15 million) and fewer than 100 employees, it said in a statement, adding that the plan is pending government approval.

Small firms account for 93% of the 760,000 companies in the Southeast Asian country, the ministry said.

In a separate statement, the ministry said it is seeking approval from lawmakers for a 37.5 trillion dong ($1.61 billion)tax exemption for agricultural land use in 2021-2025. ($1 = 23,308 dong)

(Reporting by Khanh Vu Editing by Ed Davies) ((khanh.vu@thomsonreuters.com; +84 24 38259623;))