31st Sea Games - Vietnam 2021 Covid-19 Pandemic
Home / News / Viet Nam
Vietnam announces US$12-billion stimulus package for enterprises
Ngoc Mai 17:56, 2020/03/06
The move aims to realize the dual target of preventing the Covid-19 epidemic and boosting economic growth.

Prime Minister Nguyen Xuan Phuc on March 6 signed a directive stipulating the deployment of a credit package worth VND250 trillion (US$10.86 billion) and a fiscal stimulus package of VND30 trillion (US$1.3 billion) to help businesses cope with the Covid-19 epidemic.

 Illustrative photo.

In addition to financial support, the directive also includes a number of solutions to address difficulties of the business community during the epidemic, with the aim of realizing the dual target of preventing the epidemic and boosting economic growth.

PM Phuc requested the State Bank of Vietnam (SBV) to instruct banks to provide a monetary aid package worth a total of VND250 trillion (US$10.86 billion) in forms of simplification of lending procedures, rescheduling of debt payment, lowering and waivering of interest rates for customers affected by the Covid-19 epidemic.

The SBV, the country’s central bank, is responsible for promoting non-cash payment and lowering transaction costs for e-payment.

The SBV should submit a plan for the pilot implementation of mobile money, which allows people to transfer money through cellphone accounts instead of a bank account, to the PM for consideration as soon as possible.

Phuc also requested no price hikes of essential goods during the first and second quarters.

The Ministry of Finance (MoF) is tasked with submitting to the government in March a draft decree on prolongation of tax payment time limit and land lease fees for companies and individuals hurt by the epidemic.

Additionally, the MoF should propose a mechanism to reduce taxes and fees worth around VND30 trillion (US$1.3 billion) to support enterprises to overcome difficulties caused by the Covid-19 epidemic.

Phuc requested the Ministry of Transport to simplify administrative procedures and reduce logistics costs for companies.

Meanwhile, Phuc ordered the Ministry of Industry and Trade (MoIT) to set up plans to diversify sources of input materials for domestic production; boost exports via official channels to China and other countries.

The MoIT is requested to step up efforts to prevent smuggling, trade fraud and market manipulation.

The PM set sights on higher disbursement rate of public investment funds, aiming to disburse all the remaining funds carried forward from 2019 and of the target for 2020.

TAG: Vietnam stimulus covid-19 Prime Minister Nguyen Xuan Phuc coronavirus nCoV China
Other news
07:33, 2023/33/22
Party General Secretary extends greetings for Year of the Cat
On the occasion of the Year of the Cat 2023, Party General Secretary Nguyen Phu Trong has delivered remarks offering the best wishes to the Vietnamese at home and abroad as well as people around the world.
23:52, 2023/52/21
Vietnamese people eager to celebrate Lunar New Year
In big cities, crowds enjoy good moments together in celebration of Tet.
15:39, 2023/39/21
Norway Ambassador expects to visit pagodas in Hanoi in first Tet
Norwegian Ambassador to Vietnam Hilde Solbakken is eager to visit temples and pagodas in the capital city to see how they are decorated for Tet.
08:02, 2023/02/21
UNICEF promotes disadvantaged populations’ rights in Vietnam
UNICEF’s support in Vietnam is accelerating the realization of child rights to ensure that no child is left behind.
21:37, 2023/37/18
Vo Thi Anh Xuan serves as acting president of Vietnam
Vietnam never has a female state president in history.
21:43, 2023/43/17
Vietnam’s President resigns from office
The President is reported to submit a resignation letter to leave office and request retirement.