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Government considers additional support policies for industrial sector

Workers at a car factory in the northern province of Vinh Phuc.

The Ministry of Planning and Investment (MPI) said it had advised the Government to implement a number of policies to support Việt Nam’s industrial sector, especially the support industry.

“The ministry is in the process of reviewing and amending Government Decree 68 on the development roadmap of the industrial sector 2016-2025 and development strategy for textiles and footwear,” said Nguyễn Hữu Thành, deputy head of MPI’s Department of Industrial Economy.

In the meantime, measures have been taken to aid domestic businesses, boost demand and mitigate the adverse effects of the COVID-19 pandemic.

Since the initial outbreak of the novel coronavirus, a large number of Việt Nam’s industries have been hit hard as raw material supply was severely disrupted due to strict measures imposed to limit the spread of the virus.

As of recently, however, the bigger problem is how to find markets for Vietnamese products as the industries have slowly regained their production capacity.

“In order to find new markets, the ministry has been working closely with trade agencies. It has also recommended the Government to reduce business fees and extend deadlines for business taxes, all done to encourage and help businesses get on their feet sooner,” Thành said.

In addition, the Ministry of Finance has been working on a plan to offer a slew of tax incentives for support industry businesses.

The plan would allow businesses with investment to build or expand production capacities finished before 2015 to benefit from corporate income tax incentives for a duration of five years until the end of 2020.