Ministry suggests additional support policies for industrial sector
The Ministry of Planning and Investment (MPI) said it had advised the Government to implement a number of policies to support Vietnam’s industrial sector, especially the supporting industry.
Workers at a car factory in the northern province of Vinh Phuc (File photo)
Hanoi (VNA) - The Ministry of Planning and Investment (MPI) said it hadadvised the Government to implement a number of policies to support Vietnam’sindustrial sector, especially the supporting industry.
"Theministry is in the process of reviewing and amending the Government’sDecree 68 on the development roadmap of the industrial sector 2016-2025 anddevelopment strategy for textiles and footwear," said Nguyen Huu Thanh, DeputyDirector of MPI's Department of Industrial Economy.
In themeantime, measures have been taken to aid domestic businesses, boost demand andmitigate the adverse effects of the COVID-19 pandemic.
Since theinitial outbreak of the novel coronavirus, a large number of Vietnam'sindustries have been hit hard as raw material supply was severely disrupted dueto strict measures imposed to limit the spread of the virus.
As ofrecently, however, the bigger problem is how to find markets for Vietnameseproducts as the industries have slowly regained their production capacity.
"Inorder to find new markets, the ministry has been working closely with tradeagencies. It has also recommended the Government to reduce business fees andextend deadlines for business taxes, all done to encourage and help businessesget on their feet sooner," Thanh said.
In addition,the Ministry of Finance has been working on a plan to offer a slew of taxincentives for support industry businesses.
The planwould allow businesses with investment to build or expand production capacitiesfinished before 2015 to benefit from corporate income tax incentives for aduration of five years until the end of 2020./.
Vietnam is entering a level playing field in which efficient solutions to maintain economic development always causes headaches for experts and business leaders.
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Workers at a car factory in the northern province of Vinh Phuc (File photo) 
