Vinh Phuc Successfully Accomplishes “Double Tasks”

2:27:29 PM | 8/10/2020

Under the all-embracing, firm and focused leadership of the Party; with the flexible and creative administration of the government and the consensus and support of businesses and people, Vinh Phuc has successfully carried out socioeconomic targets in the first months of 2020.

Vinh Phuc province has witnessed stable socioeconomic development since the start of the year. The province has focused on developing agricultural production, maintained positive recovery momentum for industrial production, and expanded trade and service to meet people’s production and consumption needs. It has also sped up construction projects, boosted credit and banking activities to fund borrowing and investment needs. These successes came from the province’s outperformance of the “double tasks” - preventing the COVID-19 pandemic and promoting economic development.

In response to the Government's Resolution 42 and Decree 41, the Prime Minister’s Directive 11, the State Bank of Vietnam (SBV)’s Circular 01, the Vinh Phuc Provincial People’s Committee issued many guiding documents, boosted information and guidance on policies and regulations of central authorities to support enterprises and employees affected by the COVID-19 pandemic for timely settlement. At the same time, local authorities focus on carrying out their assigned tasks, promptly resolve documents to support enterprises and people quickly deal with difficulties and restore business operations.

Accordingly, following Circular 01 of the State Bank of Vietnam, by August 2020, Vinh Phuc province had 11,450 new borrowers getting loans carrying an interest rate 0.5-2% lower than old rates; exempted and reduced lending rates and rescheduled repayment time for 1,257 customers borrowing over VND3,550 billion; restructured repayment terms for 521 customers with a combined outstanding loan of VND1,186 billion. On tax support policies as per the Government’s Decree 41 and Resolution 84, the Vinh Phuc Taxation Department extended tax and land rental payment for 849 enterprises, organizations, households, and individuals with a total value of over VND765 billion. In response to the Government's Resolution 42 and the Prime Minister's Decision 15, Vinh Phuc has funded over VND125.5 billion for people with meritorious services or their families, policy-protected beneficiaries, and the poor. The Department of Labor, Invalids and Social Affairs has directed 10 businesses and cooperatives; and certified 32 enterprises with more than 1,800 laid-off employees. The Vinh Phuc Social Security received official letters requesting suspension of payment to retirement and survivorship funds from 20 companies. The Vinh Phuc Labor Confederation spent over VND1.4 billion supporting nearly 2,850 union members and workers according to Decision 643 of the Vietnam General Confederation of Labor.

As for power tariff reduction as per Document 2698 of the Ministry of Industry and Trade, EVN Vinh Phuc reduced electricity prices by VND138 billion for 214,180 customers from April to June. Particularly, to deal with entry procedures, by August 2020, the Provincial People’s Committee requested the Immigration Department under the Ministry of Public Security to grant entry permits for 793 foreign managers, experts and technicians working for local enterprises. The province granted and re-granted 85 work permits for foreigners.

To realize socioeconomic development targets in 2020, “The Government and the National Assembly need to promulgate support policies for automobile manufacturing and assembly, including exemption of special consumption tax for domestically produced components and have incentive policies for developing strategic vehicles of small capacity, fuel-saving, and environmentally friendly features,” said Chairman of the Provincial People's Committee Nguyen Van Tri, adding that “the General Department of Taxation and the General Department of Customs should study and consider for export processing enterprises to enjoy incentives such as import duty exemption and reduction for goods, machinery and equipment when they wait for being recognized as export processing companies.”

With timely support policies from central and provincial authorities, especially the active participation of the business community and people, Vinh Phuc will have driving forces for socioeconomic growth in the last months of the year.

By Nguyet Tham, Vietnam Business Forum