In September 2021, the Da Nang authorities held the Business Dialogue to promptly listen to recommendations and solve difficulties and problems facing businesses and investors. Accordingly, a series of support policies have been implemented in an effective manner so as to help businesses restore their operations.

On June 25, 2022, the Da Nang Investment Forum 2022 will create new impetus in attracting investment, promoting economic growth, and contributing to the effective implementation of the Resolution of the Da Nang Party Congress.

The Da Nang government always creates favourable conditions for domestic and foreign enterprises to do business effectively in the city, thereby contributing to the local socio-economic development. As pictured, here is a corner of Da Nang seen from above. Photo: LE HUY TUAN

Many support policies benefiting businesses

Director of the Da Nang Department of Planning and Investment Tran Thi Thanh Tam said that right after the Business Dialogue in September 2021, there were 13 groups of support policies for businesses approved by the Da Nang government such as supporting enterprises in technological innovation, innovative startups; trade promotion assistance and IT development.

Thanks to the aforementioned policies many businesses, cooperatives and business households previously facing COVID-19-triggered difficulties were promptly supported, partly reducing the burden of production and labour costs to restore production and business soon.

Along with that, groups of policies to support businesses in terms of tax exemption and reduction, fees and charges; financial support, loan interest rates; debt rescheduling, the exemption and reduction of interest and fees, and the retention of debt groups have been promptly implemented.

Specifically, with a regard to tax, fee and fee exemption and reduction, the city has reduced registration fee collection in the first 4 months of 2022 with a total amount of VND140 billion; reducing environmental protection tax by VND29 billion for jet fuel.

In compliance with the tax exemption and reduction policy according to Resolution No. 43/2022/QH15 adopted by the National Assembly on fiscal and monetary policies to support the socio-economic recovery and development programme, the city has reduced value-added tax from February to April 2022 with a total the amount of VND125 billion. The total amount of tax, fee and fee exemption in the first 4 months of 2022 was VND324 billion.

As for financial support, credit institutions in the city restructured the repayment term, exempted and reduced interest rates and kept the same debt group. Accordingly, by the end of March, 2022, the debt repayment term was restructured and the debt group remained unchanged with the total outstanding balance of VND8,477.6 billion for 4,369 customers.

The accumulated total value of debt that has been restructured in repayment terms and kept the same debt group from January 23, 2020 to March 31, 2022 is more than VND 20,203 billion with 9,040 customers.

The exemption and reduction of interest and keeping the same debt group with outstanding loans of VND408.62 billion with 164 customers.

The accumulated total value of debt that has been exempted, reduced, and kept the same debt group from January 23, 2020 to March 31, 2022 is VND 3,815.48 billion, the profit is VND20.44 billion with 834 customers.

The accumulated new loan turnover is VND309,748.32 billion from January 23, 2020 to March 31, 2022, and the outstanding balance at the end of March 2022 is VND 29,317.36 billion with 10,555 customers.

The group of supportive policies from the city includes reducing the fee for assessment and granting of travel service business licences, reducing deposit for travel businesses, free field trips; implementing policies on industrial promotion and developing the production of souvenir products for tourism.

Besides, a number of policies and specific support for enterprises and family-run businesses affected by COVID-19 have been released.

These are the supporting policies committed by the municipal authorities at the Business Dialogue such as interest rate support for small and medium-sized enterprises accessing loans from the Da Nang Development Investment Fund to implement the restoration and expansion of production and business activities; reducing infrastructure use fees in 2021 for enterprises to lease or sub-lease land in Da Nang Hi-Tech Park and industrial parks.

In addition, the local authorities have also implemented tasks and solutions to ensure social security and job creations. As a result, up to May 15, 2022, the Da Nang branch of the Viet Nam Bank for Social Policies has disbursed loans of VND55,221 billion for those who were in a need of finance to make the purchase of social housing, computers in use for online learning and seek new livelihoods.

The Da Nang administration has implemented many highly-effective policies to help businesses restore their operations. Production workers are seen being on duty at the Hoso Viet Nam Co., Ltd located in the Hoa Khanh Industrial Park. Photo: DNO

New development impetus

The city's new resilience and development rhythm is forecast to be more positive as projects will be implemented such as the Resettlement Area project for the development of Da Nang University Village, the Long Thanh Plastic Factory in Lien Chieu Industrial Park; Nesta Da Nang Centre in the Da Nang IT Park and Dana Logistics project in the expanded Hoa Khanh Industrial Park.

Director of Da Nang Investment Promotion Agency (IPA) Huynh Lien Phuong affirmed at the Da Nang Investment Forum 2022 will announce major strategic and key projects that help accelerate the city’s economic development, many of which are involved in infrastructure, commerce and the development of schools and hospitals

Since December 2021, the Da Nang IPA has received many proposals from foreign investors. Up to now, many investors have come to Da Nang do business. Besides, at present, infrastructure projects such as the development of seaports, airports and logistics centres are attracting special attention from investors, especially foreign ones.

Reporting by TRIEU TUNG - Translating by A.THU