Vinh Phuc Intensifies Business Support

9:12:58 AM | 24/9/2020

Providing all favorable conditions for enterprises to stabilize and develop operations after the Covid-19 pandemic is one of top goals of Vinh Phuc province to foster economic growth, increase budget revenue and revive the economy amid adverse effects of the pandemic. To achieve its goals, Vinh Phuc has issued many guiding documents, policies and timely solutions, requiring authorities and each locality to be responsible for actions which are gauged by actual performance.

In the first six months of 2020, the Vinh Phuc Provincial People’s Committee launched many effective business support policies for companies troubled by the Covid-19 pandemic. By the end of June 30, 2020, the province rescheduled debt payment terms, exempted and reduced interest fees. The SBV Vinh Phuc said that interest rates of new loans are 0.5-2% lower than old lending rates for 11,450 customers who borrowed VND14,433 billion, including 635 corporate borrowers with VND6,382 billion. Local lenders exempted and reduced interest rates and rescheduled repayment terms for 1,257 customers who borrowed VND3,556 billion, including 239 corporate borrowers with VND1,892 billion. In addition, this policy extended repayment terms for 521 customers with outstanding debt of VND1,186 billion, including 69 corporate customers with VND791 billion.

On tax support according to Decree 41/2020/ND-CP dated April 8, 2020 and Resolution 84/NQ-CP dated May 29, 2020 of the Government, by the end of June 2020, the Vinh Phuc Taxation Department extended payment terms of land rents worth VND736,628 billion for 712 companies. The province settled entry procedures for 793 foreign experts, managers and technicians working for 147 companies in the locality.

In addition to carrying out central support policies, Vinh Phuc province actively directed specialized agencies to base on actual situations and settle complaints and recommendations of businesses. The Department of Planning and Investment has been assigned to study mechanisms and policies for socioeconomic development, investment promotion and business development by the Provincial People’s Committee. The Department has always supported enterprises to deal with their emerging problems in business operations and inform them via many effective communication channels such as contact hotlines connected to provincial leaders.

Vinh Phuc is an industrial province and its economic performance depends significantly on corporate performance. Therefore, right from March 2020, when the whole country was still fighting against the Covid-19 pandemic, Vinh Phuc defined that the local economy would confront enormous difficulties in the future. Then, the province proactively promulgated Plan 51 to solve difficulties, support businesses and promote growth. It has synchronously applied consistent policies and solutions to support small and medium-sized enterprises (SMEs), sped up investment promotion and helped companies with ongoing projects in the province.

Many administrative procedures have been streamlined. The rate of public investment capital disbursement, land compensation and site clearance has been boosted significantly. The supply source of production inputs has been promptly and fully arranged. The investment capital for investment and production expansion is reasonably allocated.

These results have promptly facilitated people and businesses to restore manufacturing and business operations, importantly contributed to macroeconomic stability, and supported local economic growth.

Source:  Vietnam Business Forum