(VOVWORLD) - The COVID-19 pandemic has affected almost all production and service businesses since the beginning of the year. The Vietnamese government has created a number of programs to help businesses recover from this difficult time.
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 Prime Minister Nguyen Xuan Phuc and cabinet members meet with businesses on
May 9, 2020, to discuss economic recovery measures. (VNA)
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The Vietnamese government has issued resolutions to help businesses sustain their workers. The Government has submitted to the National Assembly resolutions to reduce or exempt taxes for agricultural land use, defer corporate taxes, and adjust personal income taxes.
Prompt support packages
Minister of Labour, Invalids, and Social Affairs Dao Ngoc Dung said the Government has directed the Ministry to create a project to help businesses help their employees stabilize their lives.
“The Ministry has directed businesses with 50% or more of their employees affected by the pandemic to temporarily suspend paying social insurance, including retirement insurance. The Ministry has proposed that the government allow all businesses affected by the pandemic to benefit from the policy.”
In addition to deferring value added taxes, corporate income taxes, personal income taxes, and land lease taxes, the government has created other support programs for workers, and organized dialogues with business people to encourage them to listen to their workers.
Prime Minister Nguyen Xuan Phuc said: “The central and local governments should not be indifferent to businesses’ problems. The government will act to revive the economy this year and in the coming years.”
Standing by businesses
Economists say the last 9 months were not the worst time for many businesses. The 2nd wave of COVID-19 is spreading in many countries and severely damaging global supply chains. In the long run, businesses need more incentive policies and mechanisms to rebound. Businesses themselves need to adapt to the situation, but the government can help them access resources.
Nguyen Nhu So, a National Assembly deputy for Bac Ninh province, said: “It’s necessary to revise fiscal and monetary policies to focus on money flow. Only when businesses have access to capital can they reactivate production. Incentive loans for businesses are needed to rescue them before they come to temporary closure or bankruptcy.”
The government is considering incentive packages to quickly clear obstacles for businesses and expand the range of beneficiaries.
With the COVID-19 pandemic contained in Vietnam and with the government’s support, Vietnamese businesses should be able to rebound.