Finance ministry working on $1-bln Covid support for businesses

By Anh Minh July 25, 2021 | 08:02 pm PT

A woman walks past Ba Trieu Street in Hanoi on July 24, 2021 amid a 15-day social distancing period enforced by the city to curb the spread of Covid-19. Photo by VnExpress/Ngoc Thanh.

The Ministry of Finance is contemplating a VND24-trillion ($1.04 billion) stimulus for businesses hit by the Covid-19 pandemic in the form of tax and fee waivers.

Once completed, the proposal would be sent to the National Assembly and government for approval, Minister of Finance Ho Duc Phoc said Sunday.

Businesses, especially small- and medium-sized, have been reporting major challenges as the fourth wave of Covid forces cities and provinces to impose strict social distancing.

The government recently approved a VND26-trillion support plan for businesses and individuals affected by the pandemic, and the money is currently being disbursed.

Phoc said his ministry has requested the government to cut regular spending by 10 percent to free up more resources to fight the pandemic.

The ministry has provided nearly VND8.2 trillion to the Ministry of Health to cover vaccine costs, and another VND12.3 trillion is on the way, he added.