Businesses owe nearly $900 million in social insurance premiums because of COVID-19

As of July, businesses nationwide owed social insurance premiums totalling over 20.6 trillion VND ($887.6 million) due to the coronavirus crisis, according to Vietnam Social Insurance (VSI).

Businesses owe nearly $900 million in social insurance premiums because of COVID-19

To remove the difficulties facing affected enterprises, VSI has directed the suspension of contributions to the retirement and survivorship funds of social insurance programmes in cities and provinces.

As a result, as at June, nearly 1,520 businesses had been approved to suspend such contributions.

VSI also issued a document in August guiding social insurance agencies in localities on the suspension of contributions to December.

 

According to Deputy Director of VSI Tran Dinh Lieu, more than 15.2 million people joined social insurance in the January-July period. Over 12.7 million people had unemployment insurance, and more than 85.9 million health insurance, or 88.8 percent of the population.

The number of people taking part in compulsory social insurance, health insurance, and unemployment insurance fell compared to last year due to the impact of COVID-19, he said. But voluntary participation continued to increase.

Vietnamese banks to continually cut costs to aid COVID-19 affected firms

Vietnamese banks to continually cut costs to aid COVID-19 affected firms

The State Bank of Vietnam (SBV) has asked banks to further reduce operating costs in the remaining months of the year in order to continue lowering interest rates to support COVID-19 affected firms and individuals.  

Business plans thrown into turmoil amid COVID-19 spike

Business plans thrown into turmoil amid COVID-19 spike

Dang Thanh Nga, 40, in Ha Noi called 10 sewers back to work for her garment factory just a few days ago as orders increased last week. 

 
 

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