Hanoi continues strong support for businesses affected by Covid-19

The Hanoi People’s Committee has instructed local authorities to closely monitor performance of local enterprises, and ensure greater efficiency of support programs for those affected by the Covid-19 pandemic.

Illustrative photo. Source: Nha Trang.

Director of the State Bank of Vietnam – Hanoi branch Nguyen Minh Tuan said the agency has been organizing bank-enterprise matching program and providing preferential loans with low interest rates.

Additionally, commercial banks are providing different support programs for customers based on their assessment of borrowers’ financial capabilities and their losses.

Director of the Hanoi Department of Taxation Mai Son informed that in a move to mitigate the negative impacts of the Covid-19 pandemic to state budget revenue, the municipal tax authority would continue to push for administrative reforms and e-tax services, focusing on the adoption of e-invoice ahead of schedule.

Son stated the Taxation Department plans to promote online tax payment for individual tax payers, while continuing to monitor business performances of local enterprises for timely support.

Meanwhile, Director of the Hanoi Industry and Trade Department Le Hong Thang said the department is working with the Ministry of Industry and Trade to support enterprises in finding new sources of input materials and markets as the pandemic is disrupting global supply chains.

Thang revealed there would be more programs in the near future to facilitate cooperation between enterprises in Hanoi and those in other provinces/cities. Throughout these events, enterprises could source materials domestically and reduce their dependence on imports.

Director of Hanoi Small and Medium Enterprise Support Center Le Van Quan said Hanoi has been giving priority to small and medium enterprises (SMEs), adding the center has recently launched an online portal specialized in providing support for SMEs at www.hotrodoanhnghiep.hanoi.gov.vn.

Quan added local authorities are increasing their support for the business community following Prime Minister Nguyen Xuan Phuc’s directive No.11 detailing measures to support individuals and businesses hurt by Covid-19.

Quan, however, said enterprises should not rely solely on the government’s support, but take this opportunity to restructure operations and develop new products with higher added value.

“Only when companies become proactive in adapting to new risks would the damage be minimized and the government’s supporting policies will be fully harnessed,” Quan said.