The government has passed a VND62 trillion ($2.6 billion) financial support package for poor people and businesses affected by the Covid-19 pandemic.

The package, approved by Prime Minister Nguyen Xuan Phuc Friday, targets six categories of individuals and businesses.

Poor people await aid from a charity group on Ly Chinh Thang Street in District 3, HCMC, April 3, 2020. Photo by VnExpress/Nguyet Nhi.

Those people losing their jobs due to the Covid-19 crisis for 14 days or more will get a monthly allowance of VND1.8 million ($77).

Part-time workers who are unemployed but have not received unemployment benefits will get a monthly allowance of VND1 million ($43).

Poor and near-poor households would receive VND250,000 ($10.7) per month while those with a record of meritorious services to the nation would get VND500,000 ($21.5) per month.

Household businesses with revenues below VND100 million ($4,300) a year who’ve have had to suspend operations from April 1 due to the Covid-19 pandemic would also be supported with VND1 million per month.

The financial support will be provided over at least three months until June. Of the VND62-trillion package, nearly VND36 trillion ($1.55 billion) will be taken from the central government and local administration budgets.

In addition, businesses that have suffered financial difficulties as a result of Covid-19 will be allowed to borrow money from the Vietnam Bank for Social Policies at zero percent interest to pay their employees’ salaries for three months. The loans will cover a maximum of 50 percent of the local minimum wage, and businesses will be responsible for paying the remaining salary.

The Planning and Investment Ministry has estimated that 250,000 workers will lose their jobs this quarter and another 1.5-2 million face a similar threat in the coming months.

The ministry has also warned that if the pandemic situation worsens, 400,000 would lose their jobs and three million more could be laid off.

The government has ordered “non-essential” businesses like massage parlors, karaoke bars, tourist and amusement sites, movie theaters, beauty salons, beer shops, restaurants, and eateries to be closed until April 15, saying the country was entering a critical two-week stage in its Covid-19 fight.

As of Friday morning, Vietnam had recorded 255 Covid-19 patients, 131 of whom have been discharged.

The Covid-19 pandemic has claimed 95,500 lives in 209 countries and territories.

Vietnam’s GDP growth hit roughly 3.82 percent in the first quarter, the lowest since 2010, due to the coronavirus impact, according to the General Statistics Office. Last year, GDP expansion hit 7.02 percent, the second highest growth figure in the last decade, after the record 7.08 percent in 2018. – VnExpress

Prime Minister Nguyễn Xuân Phúc on Wednesday approved Decree No 41/2020/NĐ-CP about the extension of deadlines for tax and land use fee payments to support businesses suffering from the COVID-19 pandemic.

The decree took effect immediately.

The extension would be five months from the deadline for payments.

Stores on Lương Văn Can Street, Hà Nội half close their doors, only serve take-aways or online orders due to the impact of COVID-19. Businesses now enjoy a five-month extension for tax and land use fee payments. — VNA/VNS Photo Ngọc Hà

Accordingly, businesses operating in agro-forestry-fishery, food processing, textile, garment and construction industry would enjoy the extension, besides those operating in transportation, warehouse, accommodation and catering, education, medical services and part-supply industry.

Others subject to the extension included small and micro – sized enterprises and credit institutions and branches of foreign banks which provided support to their customers who were hit by the COVID-19 pandemic following the requirements of the State Bank of Việt Nam.

The State Bank of Việt Nam would be in charge of announcing the list of eligible banks for the extension.

The five-month extension would be given to value added tax (VAT) of the assessment periods of March, April, May, June, the first quarter and the second quarter. As a result, the payment of VAT of March assessment period would be extended to September 20 while of second quarter assessment period to December 20.

For corporate income tax (CIT), extension would be given to the remaining sums of 2019, provisional tax of the assessment period of the first and the second quarter.

For household and individual businesses, the deadlines for paying VAT and CIT was extended to December 31.

Payment of land use fees would also extended five months from May 31.

The decree also allowed businesses operating in multiple sectors, one of which was subjected to the extension, would also enjoy the extension for all payable VAT and CIT.

The Ministry of Finance estimated that a total of VNĐ180 trillion worth of taxes and fees would be extended. Still, the sum would still be collected to the State budget within this year.

Taxpayers must submit a proposal to the tax management agencies before July 30 to be given the extension.

According to the finance ministry, more than 700,000 enterprises or 98 per cent of firms would be given the extension. — VNS

Each kWh of electricity will increase by nearly VND 144 to the average of more than VND 1,864 from March 20th, 2019

Specifically, the average electricity selling price will increase from VND 1,720.65 to over VND 1,864 per kWh (not included VAT). This Decision has just been signed and will come into force from March 20. This increase has been agreed by the Government. Previously, the Government also met with the Ministry of Industry and Trade and related ministries and agencies to discuss about raising electricity selling prices. So after more than 2 years having stayed at the same rate, the average retail price of electricity is adjusted to increase.

Vietnam raises its electricity prices by 8.36 percent on March 20, 2019. Photo by VnExpress

Earlier in March, the Ministry of Industry and Trade informed about the expectation to adjust electricity price at the end of the month.

“If the input costs are fully calculated, this adjustment must be at nearly 10%, but taking the macro factors into consideration, an increase of 8.36%, is used” said a Deputy Minister of Industry and Trade.

According to the Prime Minister’s Decision 24, electricity prices currently have had many different frames and rates for each customer group.

Regarding the impact on growth and the consumer price index (CPI), Ministry of Industry and Trade and General Statistics Office calculated that with an increase of 8.36% in electricity price, it will reduce by 0.22% of GDP and consumer price index (CPI) will increase by 0.29%.

Source: VnExpress

In the morning of 2 February 2020, Viglacera Corporation – JSC held a briefing to evaluate results of the production and business plan commenced in February 2020, and to launch business and production plan in March 2020.

The evolution of Covid-19 influenza epidemic has made a negative impact on production and business activities of the whole market recently, which also leads to a direct consequence of affected business results in February of Viglacera Corporation, for instance, Manufacturing factories suffer from insufficient input materials; export activities meet difficulties.

Despite the adverse circumstance, in the February and first 2 months of 2020, Real Estate sector of the Corporation surpassed the February plan and the accumulated profit in the first 2 months increased by 10% compared to the previous period. Industrial infrastructure leasing business is still a highly effective field of Real Estate Department in the first 2 months.

Delivering a leadership speech at the briefing, General Director Nguyen Anh Tuan directed the Corporation to stick to goals of March and the first Quarter plan of 2020, focus on solutions in management activities. Directors and officers shall be present at subsidiary units to engage themselves in problem-sovling and be proactive before all market developments in the near future.

In March, apart from deploying business and production plans in units in accordance with available plan, the Corporation also concentrated on implementing important works such as organizing Employees’ Meeting at units and holding the annual General Meeting of Shareholders 2020 in joint stock companies, preparing for the General Meeting of Shareholders of the Corporation in April 2020.

The whole Corporation focuses on following targets of production and business plan in March, the first Quarter of 2020; Assigning specific and clear tasks for each officers to ensure timely progress and quality of works under functions and duties of their respective departments and divisions; Reporting timely difficulties and obstacles to pinpoint solutions to ensure achievements of goals and progress as expected; Continuing to take preventative anti-epidemic measures in all units and Parent Company Office.