Industry and Trade authority support enterprises in recovering production and business activities

 It is imperative to continue supporting enterprises in overcoming difficulties, restoring production and business to create motivation for economic and social development.

Industry and trade authority visit and work with enterprises.

 To support wholeheartedly

The report on the socio-economic situation in Binh Diong province in August 2020 shows that the Covid-19 in the world and in the country continued to be complicated and unpredictable, but with the efforts from both the political system, business community and the people, the socio-economic situation in Binh Duong had good changes. Tran Thanh Liem, Chairman of the Provincial People's Committee directs all branches to continue seriously and effectively carrying out the epidemic prevention and control; solve difficulties of enterprises in production and business activities, stimulate economic growth and ensure social security.

Industry and trade authority evaluate that in August 2020, the world's economy continued to grow slowly because of the pandemic. The U.S.-China trade war is increasingly fierce, unpredictable. U.S. tax increases and sanctions on Chinese organizations and individuals have directly affected economies with trade relations with the Chinese market, including Vietnam. For the domestic market, the Covid-19 is still happening in central provinces. However, a good signal is that the industrial production of Binh Duong province is gradually recovering, export growth rate is gradually increasing again. The supply and demand of goods was stable, there was no hoarding, collection of goods, or a spike in prices.

Industry and trade authority enhanced trade promotion, especially domestic trade development, stimulated consumer demand; at the same time, drastically implemented projects to support enterprises by local industrial promotion fund 2020, focused on projects to support the application of advanced machinery and equipment in production, supported information consultancy and typical rural industrial product development to stimulate production activities, business development.

To motivate domestic consumption, the industry and trade branch also organized many consumer stimulus fairs to stimulate the consumer market of people in the area, stimulate the consumption of goods to gradually recover industrial production, services and trade of the province like before the Covid-19. As a result, total retail sales of goods and services in August was estimated at VND 21,241 billion, an increase of 11.4% over the same period; accumulated in 8 months, total retail sales of goods and services reached VND 164,490 billion, up 10.1% over the same period.

Most recently, PPC has allowed to re-open performing arts, karaoke bars, festival activities, sports tournaments etc. with a requirement to implement safety measures as recommended by health authority. Economists assessed that the Government continued to direct the appraisal of financial support packages in the current context to study, assess, and solve problems quickly for businesses, and this is an imperative work.

To create trust

According to opinions of the business community, it is an effective policy among many support policies, when the Government approved the extension of VAT, income tax, and land rent payment time for enterprises in 5 months. Tran Thanh Trong, General Director of Sang Ban Mai Joint Stock Company (Ben Cat Town), said that when the financial support package for businesses, the tax authorities quickly sent information to businesses. It is this timeliness of the tax authority that has solved problems of businesses, gaining confidence of the business community.

As for loan capital, according to State Bank of Vietnam - Binh Duong branch, provincial banking industry will continue to implement appropriate credit options, increase credit flows into priority areas, such as import and export, SMEs. In addition, the banking industry closely followed instructions from the Central government to implement appropriate credit support schemes and packages for customers affected by the Covid-19.

Currently, Binh Duong Tax Department is appraising business households that are subject to financial support according to the Government's regulations. The payment time extension of tax and land rent was considered as a instantly effective "medicine" for enterprises to have more resources for maintaining business operations. On the customs authority's side, Deputy Director of Binh Duong Customs Department Nguyen Truong Giang affirmed that the customs authority would create all favorable conditions for enterprises to recover from the Covid-19; continue to listen and directly answer questions and recommendations related to import and export activities in order to effectively support and share difficulties with the business community.

Enterprises also expressed their wish that provincial Department of Industry and Trade should act as a focal point that provides information to businesses so that they could receive incentives from local social insurance agencies, electricity, banks etc. to be able to overcome difficulties in this stage.

 According to leaders of Department of Industry and Trade, in the last months of 2020, the Department cooperates with Economic Office of Ben Cat Town to hold two market days of bringing Vietnamese goods to rural areas and industrial clusters; sets up a plan for holding supply and demand connecting conferences in Binh Duong province. Provincial Department of Industry and Trade also continues to collaborate with Department of Agriculture and Rural Development to implement the plan for the trade cooperation summarizing program period 2016-2020 and supply and demand connecting conference 2020 between Ho Chi Minh City and provinces, cities; complete brochures, catalogs and 4 video clips to propagate Binh Duong's investment promotion activities in 2020...

 Reported by Tieu My - Translated by Ngoc Huynh