Aug 22, 2020 / 14:04

Vietnam gov’t to provide further support for Covid-hit businesses, people

More relief measures are in the pipeline to support people and businesses affected by the pandemic.

In addition to measures to fight against Covid-19, the Vietnamese government is considering more support for people and businesses affected by the pandemic.

The support would come in the form of extention and expansion of relief packages such as delaying and waiving of payment of taxes and fees, and allowing more people to access preferential loans, especially in priority fields.

 Prime Minister Nguyen Xuan Phuc at a monthly government meeting in early August. Photo: VGP. 

Government and local authorities are tasked with addressing concerns of the business community to avoid any disruption to socio-economic activities, accelerating the disbursement of public investment with clear responsibilities assigned to state officials, according to the resolution after a monthly government meeting held in early August.

The government is set to kickstart construction of major projects, including Long Thanh International Airport and the Eastern North-South expressway. State officials could risk being disciplined for failure to realize the disbursement target of public funds, stated the resolution. 

Additionally, provinces and cities would continue proceeding with administrative reform efforts and improve the business environment to save costs for businesses and the people.

Prime Minister Nguyen Xuan Phuc requested relevant government agencies to devise monetary and fiscal policies to stimulate aggregate demand and aid economic sectors directly impacted by the Covid-19 pandemic, reads the resolution.

The Ministry of Industry and Trade is responsible for helping local traders improve their capacity against trade protection measures amid growing protectionism worldwide.

The government urged fast implementation of additional relief packages for people facing hardship from the Covid-19 pandemic.

Earlier this week, the Ministry of Labor, Invalids and Social Affairs proposed a second relief package worth VND18.6 trillion (US$800 million), including a credit package of VND15 trillion (US$645.84 million) and financial support for vulnerable people of VND3.6 trillion (US$154.96 million).

To date, the government has rolled out supporting programs such as a credit aid package worth VND300 trillion (US$12.87 billion), a VND180-trillion (US$7.63 billion) fiscal stimulus package in forms of delay of payment of value-added tax, corporate tax and income tax, and a financial support package for vulnerable people worth VND62 trillion (US$2.7 billion).