Gov’t steps up measures to support Coronavirus-affected businesses

The Government has introduced a range of new measures to support businesses affected by the COVID-19 pandemic, according to its Resolution No. 84.

Gov’t steps up measures to support Coronavirus-affected businesses
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Under the resolution, the Government will reduce 15 per cent land rental in 2020 for businesses that signed direct land contracts and that had to suspend operations due to COVID-19.

Small and medium sized enterprises (SMEs) shall enjoy 2 per cent reduction of interst rate for loans from the Fund for SME Development. Currently interest rate of the fund’s loan is equal to 80 per cent of the lowest rate of commercial loans.

The registration fee for cars assembled in Viet Nam shall be reduced by half in order to stimulate domestic consumption. Payment of excise tax applicable for domestically-manufactured cars shall be extended to no later than December 31, 2020.

The Government allowed foreign experts, business managers, investors, skilled laborers who work in investment and business projects in Vietnam to enter the country given current regulations on COVID-19 prevention and control are observed.

Work permits for foreign experts, business managers, and skilled laborers shall be extended.

The Government also decided to cut at least 70 per cent of expenditures for overseas visits of ministries, central agencies and localities, except for the Ministry of National Defense, the Ministry of Public Security, the Ministry of Health and expenditures for organizing events within the ASEAN Chairmanship Year and other diplomatic activities of the Ministry of Foreign Affairs.

Ministries and localities were tasked to review regulations on investment and construction and timely remove barriers to accelerate progress of projects financed by the State budget.

VIR

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