Prime Minister of Vietnam to request reduction of interest rates and taxes to support enterprises in overcoming difficulties in Vietnam

Prime Minister of Vietnam to request reduction of interest rates and taxes to support enterprises in overcoming difficulties in Vietnam

It is forecasted that at the end of 2024 and in the subsequent years, Vietnam's economy still faces many challenges, with the internal strength of businesses, particularly in the private sector, remaining difficult. Therefore, ministries, central and local authorities in Vietnam need to continue resolutely and promptly directing operations with the spirit of placing citizens and businesses at the central core, maintaining and ensuring synchronization between policy directions and policy implementation, to reinforce trust, improve living standards for people, and enhance business capabilities.

In the context of the world's shift towards sustainable development, Vietnam, with the goal of becoming a developed country with high income by 2045 and the objective of reducing greenhouse gas emissions (Net Zero) by 2050, the Government of Vietnam continues to direct ministries, central and local authorities in Vietnam to be more determined and make greater efforts in achieving rapid and sustainable development, completing the legal framework for the green economy, circular economy, and renewable energy to create breakthrough opportunities for national development.

The Prime Minister of the Government of Vietnam requests Ministers, Heads of ministerial-level agencies, agencies under the Government of Vietnam; Chairmen of People's Committees of provinces and centrally affiliated cities to focus on directing agencies, units, and subordinates to continue efforts, decisively implement following their authority, solutions, and tasks to support businesses in overcoming difficulties and obstacles, promote production and business activities in the coming months and years; in which, the Ministry of Finance and the State Bank of Vietnam shall carry out the following key tasks and solutions:

(1) Ministry of Finance of Vietnam: Research and develop suitable tax policies to support businesses in sustainable development, including small and medium enterprises; continue effectively implementing issued tax reduction and deferral policies; accelerate the progress of VAT refunds for businesses according to conformable law.

(2) State Bank of Vietnam:

- Direct credit institutions to continue reducing costs, enhance the application of information technology to reduce loan interest rates, promote credit growth, focusing on the fields of production and business, priority areas, growth drivers of the economy (traditional growth drivers and new growth drivers).

- Urgently take the lead, coordinate with related agencies to resolve difficulties, obstacles, effectively implement the 140 trillion VND credit package for social housing loans, preferential credit programs for the forestry, aquaculture sectors, ...

More details can be found in Official Telegram 103/CD-TTg dated October 7, 2020.

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