Businesses propose incentives amid COVID-19 outbreak

Cutting interest rates and corporate income and added value duties, and extending loan payments and tax and social insurance collections were among the proposals raised by businesses at a seminar in Ho Chi Minh City on March 17.

Businesses propose incentives amid COVID-19 outbreak hinh anh 1

Illustrative image

During the seminar, held by the HCM City Institute for Development Studies, representatives of enterprises also called for support from authorities in trade promotions to diversify their markets and seek alternative material sources.

According to Tran Thien Long, Vice Chairman of the HCM City Association for Industrial Park Businesses, his association had coordinated with the HCM City Export Processing Zone and Industrial Park Authority to conduct a survey on the impacts of COVID-19 among 200 firms.

The survey unveils that businesses that rely on materials from China, especially those in mechanics, machinery, processing and garment-textile, have been seriously impacted and faced material shortages. They have yet to find alternative suppliers.

Other problems include the absence of new orders, huge stockpiles, late payments and high production costs.

The enterprises said that in the first quarter of this year, their turnover is expected to drop 25-50 percent. The number of labourers has also contracted significantly.

Nguyen Van Khanh, Vice Chairman and General Secretary of the HCM City Leather and Footwear Association, said many enterprises may have to suspend operations in early April due to material shortages.

 

Vietnam’s leather and footwear exports to the EU – its main market – have been disrupted as the bloc is now the epicentre of COVID-19.

Fifty travel companies in the city also reported that between January and February, the number of domestic and foreign tourist arrivals stood at only 335,762, down 62 percent year-on-year.

The municipal People’s Committee has proposed the Prime Minister remove difficulties for firms operating in sectors such as tourism, agriculture-rural areas, exports and support industry, as well as small-and medium-sized enterprises, high-tech firms and Saigon co.op.

HCM City has also asked for permission to access the 250 trillion VND (10.7 billion USD) credit package designed to support those affected by the COVID-19 outbreak./. VNA

VN businesses struggle to survive amid Covid-19

VN businesses struggle to survive amid Covid-19

Covid-19 has had a big impacts on all aspects of the economy and life. However, the effects vary among different business fields.

State needs to activate support package for businesses

State needs to activate support package for businesses

Local enterprises have urged the Government to soon activate support policies to help them overcome difficulties in production and business due to the novel coronavirus (COVID-19) pandemic.

 
 

Other News

.
Versatility letting retail grow anew
Versatility letting retail grow anew
BUSINESSicon  10/09/2020 

The local retail sector is set to maintain its encouraging growth towards the end of the year, with new drivers coming online.

Anxious carmakers hoping losses remain in rear mirror
Anxious carmakers hoping losses remain in rear mirror
BUSINESSicon  10/09/2020 

Despite efforts in converting part of their facilities to produce ventilators and face masks for fighting the coronavirus pandemic, global carmakers are still reporting losses 

Vietnam's current account forecast at 3.7% in 2020
Vietnam's current account forecast at 3.7% in 2020
BUSINESSicon  10/09/2020 

Vietnam’s current account surplus could narrow to 3.7 per cent in 2020 from 4.9 per cent last year due to the impacts of the COVID-19 pandemic, according to Fitch Solutions.

Trade plummets at HCM City’s wholesale markets after second COVID-19 outbreak
Trade plummets at HCM City’s wholesale markets after second COVID-19 outbreak
BUSINESSicon  10/09/2020 

Wholesale markets in HCM City are facing a serious crisis due to the second COVID-19 outbreak. 

Fruit exports to China fall, but are offset by more exports to Thailand
Fruit exports to China fall, but are offset by more exports to Thailand
BUSINESSicon  10/09/2020 

China has reduced fruit imports, but Thailand has been buying more from Vietnam.

Probus Opportunities & Digi Ventures invest in Vietmoney
Probus Opportunities & Digi Ventures invest in Vietmoney
BUSINESSicon  10/09/2020 

Vietnamese pawn chain operator Vietmoney has closed its series A funding round with Probus Opportunities (Probus) and Digi Ventures (DV). Probus and DV will hold a combined 30% stake in Vietmoney and both shall join the Board of Directors.

Vietnam’s forex reserve sets new record
Vietnam’s forex reserve sets new record
BUSINESSicon  09/09/2020 

Vietnam’s foreign exchange reserve has hit a new record high of 92 billion USD, a significant expansion from 84 billion USD which Governor of the State Bank of Vietnam Le Minh Hung revealed in April.

Local ETFs draw foreign attention
Local ETFs draw foreign attention
BUSINESSicon  09/09/2020 

The domestic exchange-traded fund VFMVN Diamond (HoSE: FUEVFVNĐ) on Tuesday issued an additional 300,000 certificates to raise the total amount of certificates to 148.3 million.

Vietnam urged to improve infrastructure to attract more FDI
Vietnam urged to improve infrastructure to attract more FDI
BUSINESSicon  09/09/2020 

Vietnam needed to improve its infrastructure in order to attract more FDI, a webinar heard on Monday.

Da Nang calls for $2 billion investment in 2021-25
Da Nang calls for $2 billion investment in 2021-25
BUSINESSicon  09/09/2020 

Da Nang has called for total investment of VND47.5 trillion (US$2 billion) from the State Budget and foreign sources for the development of 38 projects between 2021-25, focusing on transport and traffic.

Vietnam needs US$8-10 billion for electricity investment annually
Vietnam needs US$8-10 billion for electricity investment annually
BUSINESSicon  08/09/2020 

Given the increasing demand for electricity, Vietnam needs US$8-10 billion for electricity investment annually, Minister of Industry and Trade Tran Tuan Anh said at a meeting on Monday, September 7.

Real estate firms offer sky-high profit rates to attract investors
Real estate firms offer sky-high profit rates to attract investors
BUSINESSicon  10/09/2020 

Investors have been invited to contribute capital to real estate projects and enjoy a profit of 36 percent per annum, and have also been persuaded to buy corporate bonds at a high interest rate of 18 percent per annum.

Investors still pouring money into corporate bonds, despite warnings
Investors still pouring money into corporate bonds, despite warnings
BUSINESSicon  09/09/2020 

Investors are still preferring corporate bonds to bank deposits, and are withdrawing money from banks to buy corporate bonds to enjoy higher interest rates.

Thu Duc City set to be new growth pole for HCM City
Thu Duc City set to be new growth pole for HCM City
BUSINESSicon  09/09/2020 

Like Gangnam south of the Han River in Seoul and Pudong east of the Huangpu River in Shanghai, Thu Duc City is expected to become a new growth area for HCM City.

Nam Dinh-based Rang Dong Textile Industrial Park sign land lease contracts with foreign firms
Nam Dinh-based Rang Dong Textile Industrial Park sign land lease contracts with foreign firms
BUSINESSicon  08/09/2020 

The signing ceremony of a land lease contract and land delivery for factory construction between Cat Tuong Real Estate Group, Top Textile Co., Ltd and Jehong Textile Viet Nam Co, Ltd took place on September 4.

VIETNAM'S BUSINESS NEWS HEADLINES SEPTEMBER 10
VIETNAM'S BUSINESS NEWS HEADLINES SEPTEMBER 10
BUSINESSicon  10/09/2020 

 Digital expo offers VN firms opportunity to introduce fruits, vegetables to EU

Ministry proposes overhaul of investment framework for power projects
Ministry proposes overhaul of investment framework for power projects
BUSINESSicon  08/09/2020 

The National Assembly's economic committee held a hearing on the development of Vietnam's energy sector until 2030 yesterday.

Mooncake producers begin selling well before Mid-Autumn Festival
Mooncake producers begin selling well before Mid-Autumn Festival
BUSINESSicon  08/09/2020 

The Mid-Autumn Festival is a time for mooncakes, a baked pastry that symbolises family reunions and which is traditionally consumed as part of the...

Vietnam to face power shortages
Vietnam to face power shortages
BUSINESSicon  08/09/2020 

Vietnam would face the risk of power shortages from 2021-25 due to slow progress at many large power projects both in the northern and southern...

Biggest business stories: August 31 to Sep 6
Biggest business stories: August 31 to Sep 6
BUSINESSicon  08/09/2020 

Big changes were made with the key personnel of Quoc Cuong Gia Lai Group, while the president of Hoang Anh Gia Lai Group, Doan Nguyen Duc, has not been able to escape difficulties despite his efforts to sell assets to pay debts.

 
 
 
Leave your comment on an article

OR QUICK LOGIN