Ministry to evaluate impact of COVID-19 on businesses to identify support policies
The Ministry of Planning and Investment (MPI) will prepare a report on the efficiency of existing and new policies and support packages for businesses amid the COVID-19 pandemic, to determine the most suitable for application in the short and long terms, Minister of Planning and Investment Nguyen Chi Dung has said.
Hanoi (VNA) - The Ministry of Planning andInvestment (MPI) will prepare a report on the efficiency of existing and newpolicies and support packages for businesses amid the COVID-19 pandemic, todetermine the most suitable for application in the short and long terms, Ministerof Planning and Investment Nguyen Chi Dung has said.
He explained that if economic policies are not strongenough, then it will be difficult for the country’s economy to recover.
The minister asked relevant ministries and agencies to evaluate businessand production conditions to sketch an overall picture that allows for the easierdesigning of policies for each sector and the re-building of growth scenarios.
Ministries and agencies were also asked to calculatevariables and build models taking impact factors into account so as to assist in preparingsupport packages that are timely and sufficiently strong.
According to a report from the General StatisticsOffice, COVID-19 has had an adverse impact on most socio-economic sectors butin particular aviation, tourism, accommodation, and catering. Many companies inthese sectors have been forced to dissolve, have announced bankruptcy, or have haltedor narrowed operations, while their employees have had to accept pay cuts oreven terminations.
Some 17.6 million people have seen their salary cutbecause of COVID-19.
The proportion of businesses registering to cease operationsrose 41.5 percent in the first seven months of this year, while theunemployment rate has reached its highest level in a decade.
A number of measures to support small- and medium-sizedenterprises have been introduced, along with policies to help large companies overcomedifficulties in cash flow due to huge declines in revenue.
The ministry has already suggested that existing supportpolicies be extended to the end of December, but due to the complex developmentsof the pandemic it will propose they are extended well into 2021, Dung said.
The minister also underlined the need to continueextending payment times for a number of taxes in line with Government Decree No41/2020/ND-CP to the end of the year.
According to MPI, it is crucial to extend the timelinefor implementing policies regarding the restructuring of debt repayment timeframesand exemptions from and reductions to interest rates and fees while retainingthe debt classification of pandemic-hit borrowers under State Bank of VietnamCircular No 01/2020-TT-NHNN.
⛦ It is also necessary to extend support to customerswho have obligations to pay original debt and/or interest from January 23 toDecember 31, 2020, while adjusting the circular to make it easier forbusinesses to access the policies on offer./.
The domestic market can support local production and business in the context of the serious developments of the COVID-19 pandemic, said Deputy Minister of Industry and Trade Do Thang Hai at a meeting in Hanoi on August 12.
The Vietnam Fatherland Front (VFF) Committee of Hanoi on August 13 held an event to receive donations from businesses and organisations to help with COVID-19 prevention and control work in the capital city.
There are few opportunities for businesses to develop support industries in Vietnam amid the global economic crisis caused by COVID-19, according to economists.
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