Vietnam Expands Virus Stimulus, Adds Foreign Bank Branches

Vietnam’s Finance Ministry is more than doubling stimulus aid for businesses hit by the coronavirus outbreak to 180 trillion dong ($7.6 billion), from an earlier plan for 80 trillion dong.

The revised package, announced Friday, extends help to more industries eligible for the delay of tax payments and land lease fees.

The new stimulus plan adds credit institutions and foreign bank branches undertaking help for organizations and individuals. The government has assigned the State Bank of Vietnam to assess and announce a list of institutions and branches eligible for the support.

Additionally, businesses and activities are added to the scope of the aid:

• Leather production and related products; wood processing and production of wood and bamboo products; production of paper and paper products; production of passenger cars; and more.
• Property businesses, labor services providers, libraries, archives, museums and other cultural activities and recreation and entertainment activities.
• Companies, organizations, households, and individuals that make products considered government development priorities, and key mechanical products.