The Vietnamese businesses needs more support after COVID-19

Like many countries, Vietnam may need vaccines to achieve herd immunity and be virus-free, but companies may not wait. They urgently need help and long for a new boost to return to “real normal”. “Business owners suffer a lot. Many do not know what to do or where to find support,” Hồ Thị Hải Ngân, CEO of ADP Investment Consultants Co. Ltd., told Việt Nam News. is helping many companies in southern provinces prepare to apply for preferential loans that will help companies affected by COVID-19 maintain production and avoid bankruptcy. “We submitted documents to many banks, but we couldn’t take out a loan. he did not qualify for the program, ”said Ngân, adding that the banks had given him a long list of criteria for obtaining the loans. Since the first COVID-19 outbreak last January, the government has been quick to put many policies in place to help workers and businesses survive.The three main packages included a VN 16 trillion (US $ 690 million) fund to help businesses pay workers’ wages, a VN 62 trillion social security package, and a tax package that expanded taxes and income differentiated, the application was not carried out properly, which reduces its effectiveness. Many companies were unable to access the support package due to rigid and stringent requirements that are not suitable for small and medium-sized businesses. The one percent reduction in the workforce and the 30 percent drop in sales resulted in companies having to close or almost go out of business in order to receive support, which is inconsistent with companies’ efforts to find ways to survive and keep production maintain. After a year of implementing the zero percent loan package of VN 16 trillion to help companies pay their employees’ wages since May last year, only 43 billion euros were raised.