Hanoi (VNA) - The Ministry of Transport has proposed the Government assign the Ministry of Finance to consider reducing several taxes for transport businesses affected by COVID-19. For the civil aviation industry, the ministry has suggested the Government to exempt import and environmental protection taxes on flight fuel from January 23 to December 31, 2020. In case of difficulties balancing the budget, the ministry expected the Government to cut half of these taxes and allow businesses to delay tax payments and budget contributions. The ministry also asked for reduced or suspended payments for corporate income, personal income and foreign contractor taxes from January 23 to December 31, 2020. Businesses are expected to enjoy cuts to value-added tax on domestic transport over three years. Last month, the ministry said the aviation sector would be heavily impacted by the COVID-19 pandemic, causing an estimated loss of about 30 trillion VND (1.29 million USD). National flag carrier … [Read more...] about Ministry proposes cutting taxes for transport firms
The tepid shopping appetite has also put a burden on supermarkets, including the Big C chain. Contrary to the great sales predicted before the pandemic, supermarkets in Vietnam are running a very real risk of an oversupply situation because people refuse to leave their homes to avoid the health crisis. Saigon Co.op, Lotte Mart, and even Big C have experienced a plunge in the number of customers for weeks. … [Read more...] about COVID-19 drags Central Group down?
According to a resolution drafted by the Ministry of Planning and Investment, the Government Office and the State Bank of Việt Nam, the loans would be used to pay employees who had been laid off due to the impacts of the COVID-19 pandemic. It was estimated some three million workers will receive support. … [Read more...] about COVID-19 affected firms gain access to $695 million low interest loans
Soc Trang (VNA) - The industrial production value of the Mekong Delta’s Soc Trang province in the first quarter has been estimated at 6.6 trillion VND (279.7 million USD), up 5.7 percent year-on-year. According to the provincial Department of Industry and Trade, processing and manufacturing grew by 5.7 percent in the quarter, water supply and waste treatment 5.3 percent, and electricity production and distribution 1.1 percent. The province’s export turnover is estimated at 190 million USD, a year-on-year increase of 12.07 percent, with rice exports posting impressive growth of 62.14 percent. To deal with the COVID-19 outbreak, provincial leaders have asked the industry and trade sector to coordinate with relevant sectors to guarantee the supply of materials for production, consolidate the domestic market, and help exporters solve difficulties caused by the pandemic. A report from the department shows that almost all major enterprises in the province are operating … [Read more...] about Industrial production, export turnover up in Soc Trang despite COVID-19
The third largest lender in the country, Vietinbank, has lowered its interest rates by 0.2 percentage points to 6.6 percent for terms of six to less than 12 months, keeping the rate for a 12-month fixed deposit unchanged at 6.8 percent. … [Read more...] about Banks cut deposit rates as credit demand dwindles