Chủ đề: support

In a phone conversation with the Deputy Managing Director of the International Monetary Fund (IMF) Antoinette Monsio Sayeh on May 16, Prime Minister Pham Minh Chinh, who is in the US on a working visit, asked that the IMF support and advise Vietnam in areas such as capital market development; inflation control; logistics development; technological innovation and digital transformation; supply chain diversification; combatting climate change; and energy conversion. Ms. Sayeh affirmed that the IMF is ready to support Vietnam.

Vietnamese Government keen to continue its support in South Korean giant’s future investments.

The Covid-19 pandemic is expected to persist for a long period of time, and what businesses need is support in terms of material costs, simplifying procedures, shortening the time to resolve procedures, and facilitating production and business activities.

The Mekong Delta has the highest aging rate in all of Vietnam. Its enterprises also exhibit quite low business efficiency. They therefore need support not only financially but especially in sustainable recovery policies post-pandemic.

The Danish Statistical Office (Denmark Statistics) and the General Statistics Office of Vietnam (GSO) signed an agreement on November 26. Denmark will provide DKK6.5 million (about $1 million) to help Vietnam compile complete and reliable official statistics under international standards.

Banks have cut interest rates in recent times as part of supporting businesses and individuals to overcome the effects of Covid-19 on their financial position. In addition to restructuring repayment terms on VND550 trillion ($22.27 billion) worth of loans, banks have also exempted or lowered interest rates totaling VND31.4 trillion ($1.4 billion).

The Central Relief Committee has decided to allocate VND1 billion ($41,970) each to 12 provinces and VND1.5 billion ($66,000) each to the Mekong Delta provinces of Bac Lieu and Ben Tre to support pandemic prevention efforts. An additional VND500 million ($22,000) donated by the overseas Vietnamese community was transferred to Ha Tien City in the Mekong Delta’s Kien Giang province.

Cash support policies in 2021 have largely ignored disadvantaged groups. To achieve the goal of “Social Security for the entire population”, according to analysts, Vietnam needs to stipulate a minimum budget allocation for Social Security, which could be from 6 to 10 per cent of GDP.

As of November 1, over 8.3 million Covid-19-hit workers had received support from the unemployment insurance fund totaling more than VND19.8 trillion ($868.89 million).

IMF data that tracks the fiscal policies introduced by countries and territories to support their economy in coping with Covid-19 shows that Vietnam had spent 1.7 per cent of GDP on supporting its economy as of June. The figure is quite modest compared to many similar economies. Vietnamese businesses and people are very much looking forward to a large-scale economic stimulus package.

Conference hears Hanoi authorities assure foreign investors they will do what they can to help with recovery efforts.

Nearly 24 million employees hit by Covid-19 have been given a total of VND21.89 trillion ($961.76 million) out of a support package of VND26 trillion ($1.14 billion). The Unemployment Insurance Fund has also supported more than 540,000 workers affected by Covid-19, with a total amount of VND1.25 trillion ($54.92 million).

Central bank meets with airline and bank representatives as well as experts regarding support for aviation industry.

The State Bank of Vietnam will meet with aviation enterprises and commercial banks to discuss outstanding loans and address capital difficulties.

Covid-19 has exhausted the financial resources of many businesses and with no way out they require immediate credit support to avoid closure.

Social insurance agencies had confirmed a list as of September 17 of more than 1.2 million employees with over 38,200 employers that can benefit from a support package totaling VND26 trillion ($1.14 billion).

The Vietnam Fatherland Front Committee of Hanoi has presented gifts to 270 foreigners living, studying, or working in Hanoi and facing difficulties due to Covid-19. The total value is VND229.6 million ($13,120).

According to the Hanoi Department of Labor, War Invalids and Social Affairs, the city has decided to support nearly 2.4 million people and households grappling with Covid-19. Total funding is nearly VND839 billion ($36.85 million), of which nearly VND676 billion ($29.7 million) will come from the city budget and VND163 billion ($7.16 million) from social capital.

Many businesses expect the State Bank of Vietnam to lower required reserve ratios, both to inject money into the economy and allow banks to have more capital and less capital costs so they can cut lending rates.

As of August 26, the social insurance agency had confirmed a list of more than 490,000 employees at 23,347 employers in 62 out of Vietnam’s 63 cities and provinces that will enjoy support policies.