Vinh Phuc Province Aggressively Supports Businesses

11:24:59 AM | 3/12/2021

During the past two years, Vinh Phuc province has flexibly applied solutions to protect industrial production, issued many mechanisms and policies, and organized many dialogue conferences to remove business difficulties.

Chairman of Vinh Phuc Provincial People's Committee Le Duy Thanh emphasized that in order to have the right business supportive attitude, the province has spent 20 years accompanying FDI enterprises. The province has always listened to and accumulated a lot of experience doing business with foreign as well as domestic businesses.

At the meeting with FDI enterprises to remove business difficulties in August 2021, Chairman Le Duy Thanh affirmed that in the context of complicated pandemic developments, compliance with regulations pandemic prevention and control was necessary and very important. To support businesses, Vinh Phuc Provincial People's Committee requested the Department of Transport to complete the procedures for granting green channel cards to businesses to circulate goods in the fastest time; creating maximum conditions for experts during and after the lockdown periods. The province gave priority to distributing vaccines to experts and workers in industrial zones.

For the implementation of the "3 on the spot" approach in businesses, based on the actual situation of the pandemic in the locality, the province has prepared a dormitory for 5,000 workers in the province, calling each worker to help a worker from outside the province; requisitioned 12 hotels for experts for their self-isolation.

Mr. Le Duy Thanh thanked and acknowledged the cooperation of businesses with the province in the prevention and control of the Covid-19 pandemic. He suggested that businesses establish a Covid-19 volunteer group with about 5% number of workers involved. The province will organize training for these groups, so that they can cooperate with the province when there is a pandemic outbreak in business.

To help businesses overcome Covid-19, the provincial leaders have requested all levels and sectors to step in to support businesses. Mr. Nguyen Van Do, Director of Vinh Phuc Department of Planning and Investment, said that the province has adopted a number of measures. He said: “The province has set up an assistant team to assist the Chairman of the Provincial People's Committee to remove business difficulties and obstacles. The province has also built a new investment process, reducing about 20% of the time to handle administrative procedures; strengthen online administrative procedures to help foreign-invested enterprises carry out investment procedures in the context of the Covid-19 pandemic. After two months of operation, the assistant team has handled nearly 1,000 phone calls from businesses, and solved many inquiries of FDI enterprises. The province tries to handle the requests of enterprises as quickly as possible, ensuring no more than 24 hours after receiving the information”.

An issue that is always very concerned is ensuring financial health and cash flow. Credit institutions in Vinh Phuc have exempted and reduced interest rates; rescheduled loan repayment terms, provided new loans with preferential interest rates to 12,593 customers, with outstanding loans of VND15,454 billion. Vinh Phuc credit institutions have offered new loans with lower interest rates to 12,172 customers; exempted and reduced loan interest for 242 customers, with the loan interest exempted and reduced outstanding balance of VND420 billion; restructured debt repayment terms for 179 customers with outstanding loans of VND552 billion.

Regarding capital, it is known that in the coming time, Vinh Phuc branch of the State Bank of Vietnam will continue to direct local credit institutions to implement drastic, practical and effective solutions to support customers suffering from financial difficulties affected by Covid-19 such as rescheduling of debt repayment, exemption and reduction of interest and fees, and debt retention in order to support affected customers in accordance with the State's regulations. Priority will be given to supporting small and medium-sized enterprises, businesses in industries and fields heavily affected by the Covid-19 pandemic and businesses with good governance systems, capable of recovering production and business after the pandemic.

By Hien Nam, Vietnam Business Forum