16,000 businesses still need Ministry of Finance rescue
Wednesday, April 8,2020AsemconnectVietnam - About 16,000 businesses are not included in the Ministry of Finance’s support package on tax and land rent.
Pham Dinh Thi, director of the Tax Policy Department under the Ministry of Finance, said about 98 per cent of businesses would benefit from the package with a total tax and land rent being extended to VND180 trillion (US$7.66 million).
However, economic experts said that there were 2 per cent of 800,000 enterprises nationwide, equivalent to 16,000 enterprises, that had not been considered for tax extension support.
Notably, more than 1,000 businesses in the beverage sector have been affected by COVID-19. Most of the goods are not consumed.
More than 200,000 workers of the Viet Nam Beer Alcohol Beverage Association (VBA) have had their work interrupted.
Nguyen Van Viet, VBA chairman, said that not only workers but the State's revenue was also affected by the impact of COVID-19.
Every year, this association contributed more than VND60 trillion to the State budget.
Therefore, the chairman proposed the Government and the Ministry of Finance to consider and allow beverage industries to be subject to tax and land rent extension.
Associate Professor Doctor Nguyen Thi Thuy Duong, lecturer at the National Economics University, said that in order to cover all businesses hit by COVID-19, the Ministry of Finance should stipulate businesses which were damaged by the pandemic would be supported from the package, and not distinguish specific industries.
The National Economics University recently had a report on the impact of the COVID-19 pandemic on the Vietnamese economy.
Results from the survey showed that to deal with difficulties caused by the pandemic, 65.5 per cent of businesses cut down their regular operating costs; 35.3 per cent of enterprises had to reduce labour; 34 per cent had to cut workers' wages and 34.5 per cent of enterprises had to let workers leave without pay.
Nearly 45 per cent of businesses cut production and business scale; 34.7 per cent of businesses chose to suspend production and business activities to wait through difficult times and 15.1 per cent of enterprises will change their business and production form to suit the new context.
The report also showed that although the COVID-19 pandemic was unlikely to have an impact in the medium and long term, the economy would need at least one quarter to recover after the pandemic is under control.
Source: Bizhub.vn
However, economic experts said that there were 2 per cent of 800,000 enterprises nationwide, equivalent to 16,000 enterprises, that had not been considered for tax extension support.
Notably, more than 1,000 businesses in the beverage sector have been affected by COVID-19. Most of the goods are not consumed.
More than 200,000 workers of the Viet Nam Beer Alcohol Beverage Association (VBA) have had their work interrupted.
Nguyen Van Viet, VBA chairman, said that not only workers but the State's revenue was also affected by the impact of COVID-19.
Every year, this association contributed more than VND60 trillion to the State budget.
Therefore, the chairman proposed the Government and the Ministry of Finance to consider and allow beverage industries to be subject to tax and land rent extension.
Associate Professor Doctor Nguyen Thi Thuy Duong, lecturer at the National Economics University, said that in order to cover all businesses hit by COVID-19, the Ministry of Finance should stipulate businesses which were damaged by the pandemic would be supported from the package, and not distinguish specific industries.
The National Economics University recently had a report on the impact of the COVID-19 pandemic on the Vietnamese economy.
Results from the survey showed that to deal with difficulties caused by the pandemic, 65.5 per cent of businesses cut down their regular operating costs; 35.3 per cent of enterprises had to reduce labour; 34 per cent had to cut workers' wages and 34.5 per cent of enterprises had to let workers leave without pay.
Nearly 45 per cent of businesses cut production and business scale; 34.7 per cent of businesses chose to suspend production and business activities to wait through difficult times and 15.1 per cent of enterprises will change their business and production form to suit the new context.
The report also showed that although the COVID-19 pandemic was unlikely to have an impact in the medium and long term, the economy would need at least one quarter to recover after the pandemic is under control.
Source: Bizhub.vn
Eximbank (EIB) target VND5,000 billion profit, up 34% in 2023
Business activities of banks in March 2023
VIB General Meeting of Shareholders: Approved the plan to pay 35% dividend, profit VND12,200 billion
In 2023, Refrigeration Electrical Engineering (REE) plans to increase profit slightly by 0.3% to VND 2,700 billion
PVOIL (OIL): Outstanding output growth in 2022
Sudico AGM (SJS): Growth target in 2023 from 10-15% of revenue
In 2023, Hoang Huy Investment Services (HHS) expects profit up and dividend of 8%
2023 Nam A Bank (NAB) Annual General Meeting of Shareholders: List shares and expand overseas branches
Mobile World (MWG) plans to increase its profit slightly to VND4,200 billion in 2023
Masan (MSN) continues to attract foreign capital up to VND15,000 billion
Century Synthetic Fiber Coporation (STK) successfully approached USD52.5 million in syndicated loans
Hoa Sen AGM for the year 2022-2023 (HSG): HSG will be profitable in March, April and May 2023
Fitch Ratings first international credit rating with GAS at “BB”
PVCoating (PVB) executes a pipe wrapping contract for Vietsovpetro
Plan on implementing Decision No. 327/QD-TTG dated March ...
Concretize viewpoints, objectives, tasks and solutions of the plan in accordance with practical conditions of the locality, associating ...Plan on implementing national environmental protection ...
Implementation plan of marine aquaculture development ...
Program on conservation and development of Vietnamese ...
Plan on improving quality of human resources to 2025 and ...
Efforts taken to turn culinary culture into national ...
The Vietnam Cuisine Culture Association (VCCA) is taking steps to implement a project to build and develop Vietnamese culinary culture ...Vietnamese cuisine making a name for itself with ...
Vietnam advance to next round of AFC U20 Women’s Asian Cup
Cultural tourism and traditional values promoted through ...