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Ho Chi Minh City
Monday, October 25, 2021

Gov’t considers further stimulus packages

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HCMC – The Government is considering further relief aid to revive the local economy, following the introduction last month of the VND62-trillion financial support package to help poor people and businesses affected by the Covid-19 pandemic.

The Ministry of Planning and Investment has completed a draft stipulating missions and solutions to bolster production and business activities, speed up public investment disbursement and secure social order, according to the Tuoi Tre Online news site. Besides this, the draft aims to improve the investment environment to attract more resources for the country.

According to the draft resolution, the ministry suggested a business registration fee exemption for business households affected by the disease and a 30% reduction of the land leasing fee for six months for companies that have ceased operations.

For the aviation sector, the ministry proposed guarantee-fee exemptions in 2020 for loans endorsed by the Government, together with a 50% reduction in takeoff and landing fees and the management fees of domestic flights.

The ministry also suggested deferring value added tax payments for virus-hit sectors such as apparel, footwear and beverages; cutting lending rates for small and medium-sized enterprises; and postponing personal income tax payments.

According to the draft, foreign experts, business leaders and skilled workers may be subject to a special entry procedure to maintain business operations in the country. The Government will also consider streamlining administrative procedures to attract investment and speed up project progress.

Speaking at a regular cabinet meeting on May 5, Prime Minister Nguyen Xuan Phuc stressed the importance of the disbursement of VND700 trillion worth of public investment capital this year.

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