Supporting businesses, cooperatives in post-pandemic recovery

5/25/2022 - 6:27:49 PM

(HBO) - While COVID-19 was raging, production and business activities at many enterprises in Hoa Binh province were disrupted due to falling market demand or rising raw material prices and input costs. The introduction of pandemic prevention and control measures affected the production and distribution of goods, resulting in job insecurity and lower incomes for many workers. Businesses and cooperatives also found it difficult to access bank capital and rent production land.

To help businesses recover and develop production quickly, the Provincial People’s Committee directed reductions of and payment extensions to corporate income taxes. Photo taken at the Hai Hien Bamboo and Wood joint Stock Company in the Mong Hoa Industrial Park, Hoa Binh City.

Chairman of the Provincial Business Association Nguyen Cao Son said businesses operating in Hoa Binh are mainly of small or micro-size, so were heavily affected by COVID-19, especially by difficulties in investment capital and bank interest rates. Many were unable to operate for long periods but still had to repay bank loans. They therefore hope to receive direct support regarding interest rates to ease the financial burden.

Replying to business wishes, the Provincial People’s Committee has focused on resolving difficulties facing enterprises and cooperatives and accelerating the recovery and development of production and business activities. A number of solutions have been determined, including the reduction of tax for businesses. In addition, the Provincial People’s Committee has directed the implementation of 2 percent per annum interest rate support for 2022 and 2023 for commercial loans for businesses, cooperatives, and business households.

Along with practical tasks and solutions being urgently deployed in the field of social security and employment, Hoa Binh province has also mobilised and effectively used resources and investment in infrastructure development, promoted administrative reform, and improved the business investment environment, boosting growth drivers and striving to reach targets set for the 2021-2025 period, in which average annual gross regional domestic product (GRDP) growth is to be 9 percent./.

Starting business from hometown specialty

Appreciating the abundant potential and strengths of his hometown for tourism development, Ha Cong Hung, Deputy Secretary of the youth union of Mai Chau district’s Mai Hich commune, embarked on producing smoked meat with a desire to introduce his homeland's specialty to domestic and international tourists.

Huge potential to boost chilli export to RoK

Hoa Binh farmers are investing big in their chilli pepper cultivation areas after the first batch of 7.5 tonnes of pickled chilli peppers was shipped to the Republic of Korea (RoK) by Tien Ngan Trade and Investment Co., Ltd last month.

Hoa Binh improves effectiveness of collective economy

Recognising the role and importance of developing the collective economy, the northern province of Hoa Binh has promptly issued support policies to propel the development of the economy, making important contributions to local socio-economic development.

PM attends groundbreaking ceremony for electronic PCB factory in Hoa Binh

Prime Minister Pham Minh Chinh attended a groundbreaking ceremony for an electronic printed circuit board (PCB) factory at Da River Left Bank Industrial Park in Hoa Binh province on April 13. The electronic PCB factory is invested by Japan's Meiko Group at a total cost of 200 million USD.

In the first quarter, the total capital of the credit institutions was estimated at 40,128 billion VND

In the first quarter of 2024, the credit institutions in the province have actively deployed the legal documents of the State and the State Bank relating to currency, credit and interest rates. At the same time, they have promoted the capital mobilization, focusing on the solutions to expand the credit investment along with strengthening the credit quality management, lending to priority programs to promptly meet the capital needs for export - business and consumer demand during Tet in 2024.

Lac Son - attractive destination for investors

Outside the key economic region of Hoa Binh, yet Lac Son district has utilised its potential and strengths regarding labour, land, and transportation connectivity to attract investment to the locality, contributing to promoting socio-economic development.