Policy implemented to support businesses

Discussing solutions to support enterprises to overcome difficulties while the current Covid-19 situation is worsening, Deputy Governor of State Bank of Vietnam Dao Minh Tu, said that there are now 16 commercial banks committed to reduce lending interest rates until the end of this year, with about VND 20,300 billion. In addition, four State-level commercial banks will reduce each bank by VND 1,000 billion of interest rates for current struggling localities, such as Ho Chi Minh City, Binh Duong. The State Bank also continues to study the bank interest rate policy in the coming time.

On the side of the Ministry of Finance, Deputy Minister Nguyen Duc Chi, said that the policies of 2020 allowed by the Government as well as the Prime Minister to continue the extension of the deadline for tax payment, land rent, exemption and discount on taxes, fees and charges. It is expected that in 2021, the support would be VND 118,000 billion. The Government will submit to Standing Committee of the National Assembly at the latest meeting on tax and fee policy packages to support businesses affected by the pandemic; to reduce income tax for small and medium-sized business households, expected to have revenue of less than VND 200 billion; reduce taxes payable on production and business activities of restaurant households with all forms of tax declaration and payment, expected to decrease by 50%; reduce VAT on areas that are heavily affected (traffic, services, transportation). The total budget of this support package is over VND 20,000 billion.

The Ministry of Transport has sent documents to Steering Committees for Covid-19 Prevention and Control in localities to implement a series of key solutions to facilitate the circulation of goods. Accordingly, no checks shall be carried out at checkpoints on all routes for vehicles having issued QR codes; only carry out post-inspection at loading and unloading sites and recommend localities to strictly handle violations of these regulations.

The policies and regulations just mentioned are good news for the business community. Hopefully, with the committed involvement of ministries, branches and localities, enterprises would be timely supported to revive the production chain and quickly "catch up" with the market.

Reported by Khai Anh – Translated by Ngoc Huynh