Business Support Policies in Thanh Hoa Province Thriving amidst Challenges

In 2023, amidst challenging production and business circumstances, Thanh Hoa province is actively implementing and integrating supportive measures to assist enterprises in capturing and timely accessing various programs and policies provided by the central and provincial government...

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Regarding credit access support, in 2023, the State Bank of Vietnam Thanh Hoa Branch has directed credit institutions to reduce loan interest rates for existing and new loans to support businesses in recovering production and business.

Up to now, the average money lending interest rate on the province’s territory has decreased by 1.5-3% compared to the end of 2022. Credit institutions have restructured debt repayment terms for 266 customers with a total restructured debt value of VND 1,274 billion.

In addition to that, the State Bank of Vietnam Thanh Hoa Branch has cooperated with departments, boards, industries, and the Thanh Hoa Enterprise Association to organize 3 meetings connecting banks and businesses; commercial banks have organized 75 conferences, dialogues, and meetings with borrowing customers to share difficulties, provide instructions on accessing bank credit.

Next, with tax, fee, and charge support, the Thanh Hoa Tax Department has extended the value-added tax, corporate income tax, personal income tax, and land lease payments for businesses with a total value of over VND 1,227 billion; exempted land and water surface rent taxes with a total value of VND 360 billion; reserved tax debts for 1,163 businesses with an amount of VND 98.3 billion; canceled tax debts for 983 businesses with an amount of VND 35.7 billion.

According to Mr. Le Dinh Truc, Director of Truc Phuong Organic Agricultural Cooperative, Nhu Thanh district, businesses were allowed to rent nearly 3 hectares of land for growing edible mushrooms and medicinal mushrooms. The tax department has provided guidance on reducing land rent payments for businesses. Although the amount of money is not large, in the current difficult situation, the above-mentioned amount helps businesses maintain production.

 Deputy Chairman of the Provincial People’s Committee of Thanh Hoa Nguyen Van Thi speaking at the conference organized by the Thanh Hoa Provincial Enterprise Association.

In terms of technology support, supporting innovative startups, the National Promotion Program and the provincial promotion program have supported 9 businesses in applying advanced machinery and equipment in forest product processing; supported 1 business in implementing a demonstration model of production techniques for forest product processing; supported 8 businesses in applying advanced machinery and equipment in industrial and cottage industries. The province has also actively supported digital transformation and the application of digital technology for businesses in the area.

Nearly 1,200 businesses in the province have been supported with free digital signatures in their first year of operation. Thanh Hoa has supported 432,000 traceability labels for units, thereby contributing to establishing and building the brand for safe agricultural products in the province, promoting the link between production, supply, and consumption of safe food.

In terms of expanding the market for goods consumption, in 2023, Thanh Hoa province organized a conference on supply-demand connection and displayed and introduced safe agricultural products of Thanh Hoa province, attracting 84 local businesses and 22 businesses from 16 provinces and cities nationwide. The province also organized 4 trade fairs introducing safe agricultural products in Thieu Hoa district and Quang Xuong district, with a scale of 30 booths/sessions.

In addition, Thanh Hoa supported 20 businesses participating in 9 domestic fairs, and 10 businesses participating in 3 trade fairs connecting rural areas in other provinces and cities. In 2023, Thanh Hoa province organized investment and trade promotion delegations to other countries to introduce typical products, goods of the province, aiming to find partners and expand export markets for businesses.

Thanh Hoa province has strengthened support for human resource development and information support. Specifically, departments, localities, and units have organized 77 training classes on entrepreneurship and business management for 3,850 students; 13 direct training courses for small and medium-sized enterprises in the fields of production and processing for 195 students; organized training, improvement, and enhancement of professional vocational qualifications, skills for 300 students who are business owners, and laborers in the agricultural sector.

Thanh Hoa has printed and distributed 3,000 free handbooks guiding the procedure sequence of business registration, the procedure for business registration via electronic means, and some business support policies for those interested in using them; that supports the free delivery of the results of administrative procedures for business registration for more than 1,300 businesses.

However, there are still difficulties and limitations in the implementation of business support policies in Thanh Hoa. For example, some small and medium-sized enterprises do not have collateral or have low-value collateral while their borrowing needs are large, which makes it difficult for them to access loans from credit institutions.

In addition, the results of implementing some key content of business support policies are still low, such as supporting the delivery of the results of administrative procedures for business registration, supporting businesses to use digital signatures. The support for small and medium-sized enterprises that use central budget sources is still slow, such as support policies for small and medium-sized enterprises in the agricultural, forestry, and aquaculture sectors to participate in industry clusters, value chains, and technology support policies for businesses.

At the recent conference organized by the Thanh Hoa Provincial Enterprise Association, Deputy Chairman of the Thanh Hoa Provincial People’s Committee Nguyen Van Thi pledged that the province will always accompany and support businesses in effectively solving difficulties and obstacles. At the same time, the provincial leadership will direct departments, boards, industries, provincial-level units, People’s Committees of districts, towns, and cities to continue strong administrative procedure reforms, improve the investment and business environment, create the most favorable conditions for businesses to invest, produce, and develop sustainably.

SOURCEvneconomy
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