Supporting industry firms to get interest rate subsidy
Companies in the supporting industry would be provided with an interest rate subsidy from next year |
Anh said that the ministry was cooperating with relevant ministries and agencies to complete the policy for companies in the supporting industry in 2021.
Due to the impacts of the COVID-19 pandemic, most companies in the supporting industry encountered difficulties.
“The difficult time, however, is a significant opportunity for enterprises to find a new direction and to improve their competitiveness,” Anh said.
The Vietnamese Government recently issued Resolution No 115 on solutions to promote the development of the supporting industry. One of the solutions was providing interest rate subsidies for enterprises in this sector.
The subsidy was supported by the Government through refinancing to commercial banks, which would be sourced from medium-term public investment. The support would be equal to the difference between the commercial loan interest rate and the State’s preferential investment credit loan interest rate but not exceeding 5 percent.
“This is a bold policy which will provide significant support to enterprises,” he said.
The Ministry of Industry and Trade was cooperating with the State Bank of Vietnam and the Ministry of Finance to detail the interest rate subsidy policy. The draft was expected to be submitted to the Government for consideration and issuance in January next year.
Anh also urged companies in the supporting industry to be proactive in enhancing their production and management capacity to meet requirements of global manufacturers, which would be important, together with the Government’s support policies, to enable Vietnamese firms to participate deeply in the global value chains.
On October 30, the Ministry of Industry and Trade issued an action plan to implement the Government’s Resolution No 115/NQ-CP dated in August about solutions to promote the supporting industry.
Related News
Interest rate management: From high rates to loosening
13:50 | 17/01/2024 Finance
Year-end credit growth problems
15:18 | 11/12/2023 Finance
Find a balance for controlling inflation and managing interest rates
15:46 | 25/10/2023 Finance
Is the non-interest income to be a "salvage" for bank profits?
12:37 | 04/09/2023 Import-Export
Latest News
Enterprises want clearer regulations on seafood production
14:05 | 26/04/2024 Import-Export
Vietnam ranks fifth among aquatic product suppliers for Singapore
13:53 | 26/04/2024 Import-Export
Forum seeks to increase PPP investment effectiveness
13:48 | 25/04/2024 Import-Export
Linking businesses with cooperatives to increase the value chain
09:42 | 25/04/2024 Import-Export
More News
Vietnam has a trade deficit of over US$17 billion with China
15:34 | 24/04/2024 Import-Export
Tra fish export to UAE jumps 67% in Q1
13:46 | 24/04/2024 Import-Export
Pepper prices continue increase trend
13:44 | 24/04/2024 Import-Export
More efforts needed to maintain export growth to China: Insiders
13:55 | 23/04/2024 Import-Export
It is expected that there are higher orders and revenue in the second quarter from European businesses
09:31 | 23/04/2024 Import-Export
Vietnamese rice prices on the hike
15:08 | 22/04/2024 Import-Export
FDI flow into garment and textile sector bounces back
15:06 | 22/04/2024 Import-Export
Investors play a key role in developing the industrial park system
10:38 | 22/04/2024 Headlines
Find ways to a corporation for businesses in industrial parks
10:38 | 22/04/2024 Import-Export
Your care
Enterprises want clearer regulations on seafood production
14:05 | 26/04/2024 Import-Export
Vietnam ranks fifth among aquatic product suppliers for Singapore
13:53 | 26/04/2024 Import-Export
Forum seeks to increase PPP investment effectiveness
13:48 | 25/04/2024 Import-Export
Linking businesses with cooperatives to increase the value chain
09:42 | 25/04/2024 Import-Export
Vietnam has a trade deficit of over US$17 billion with China
15:34 | 24/04/2024 Import-Export