HANOI: Vietnam will launch a credit package worth 250 trillion Vietnamese dong (US$11bil) to support those affected by the Covid-19 outbreak, according to a directive approved by Vietnamese Prime Minister Nguyen Xuan Phuc on Friday (March 6).
This is among several initiatives to support businesses to cope with difficulties and to ensure social security in response to the outbreak, said the directive.
Accordingly, the State Bank of Vietnam will work with credit institutions to facilitate access to capital, strengthen the administrative procedure reforms, shorten review time for lending dossiers as well as restructure loan repayment and consider reducing interest rate and fee for clients under adverse effects of the Covid-19 outbreak while continuing to implement measures to strengthen cashless payment, said the directive.
The Finance Ministry will propose to the government the fee and tax exemption and reduction solutions to help firms cope with the difficulties posed by the outbreak, while competent ministries are requested to review and cut down on the administrative procedures and fee for enterprises, create favorable conditions for manufacturing and production activities as well as to push imports and exports.
Meanwhile, Vietnam will also work to recover and develop its tourism and aviation industry. Ministry of Culture, Sports and Tourism was asked to strengthen tourism promotion activities at a national level, coordinate with tourism associations to create and implement the domestic travel promotion program while enhancing communication and promotion work to attract international travelers.
The virus outbreak has affected many aspects of economic and social life in Vietnam, said the directive, adding that Vietnam needs to take drastic prevention and control measures while having practical solutions to help firms overcome difficulties and losses as well as to ensure social security towards the realization of socio-economic development goals. - Xinhua/Asian News Network