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Ho Chi Minh City
Wednesday, June 29, 2022

No-interest loans proposed for tourism SMEs

The Saigon Times

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HCMC – The HCMC Department of Tourism has proposed loans without interest for small and medium tourism enterprises (SEMs) in the city to help them recover after the pandemic.

In a document commenting on a draft plan to support SMEs in HCMC in the 2021-2025 period, the department stated that since early last year, the Covid-19 pandemic has turned all sectors upside down, with tourism absorbing the biggest impact, Phap Luat newspaper reported.

Meanwhile, tourism enterprises were still bearing many costs, although they have cut multiple costs and restructured their manpower.

According to the HCMC Department of Tourism, the draft plan does not include specific and practical solutions to support travel companies and lodging service providers.

Therefore, the department also proposed supporting tourism SMEs in business space rentals and developing human resources, as well as reducing and exempting value-added, corporate income and personal income taxes, land use fees and land rentals.

Moreover, these firms’ deadlines to pay land rentals and taxes should be rescheduled, while environmental protection fee should be reduced to facilitate the recovery of tourism SMEs.

Under the draft plan, the city expected to have an additional 200,000 new enterprises and support at least 500 SMEs in the hi-tech processing and manufacturing sectors in the 2021-2025 period.

In addition, a minimum of 1,000 SMEs, especially those in the tourism sector, will be supported to resume their operations.

Household businesses will be instructed at no charge to convert into enterprises. The city will also help SMEs join value chains and training projects.

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