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Businesses seek to easily access US$15 billion bailout package

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Businesses that have borne the brunt of the COVID-19 pandemic for the past two years expect they will get easy access to the recently approved US$15 billion bailout package to stay afloat.

Businesses pin high hopes on the US$15 billion bailout package to stay afloat. (Photo: internet)

Vo Thuy Hang, director of Can Dieu Food Company in Hanoi, says her business is facing a serious shortage of capital through it is gathering full steam for export orders, Cong Thuong newspaper reports..

“Many partners have placed orders, but we cannot receive them because of capital and labour shortages,” she complains.

Sharing the same view, Nguyen Van Tai, CEO of VietSense Travel, notes the firm does not have sufficient capital for running programmes to anticipate a high influx of foreign visitors when Vietnam reopens all borders to international tourism on March 15.

“We find it difficult to reach out to tourists by online advertising through search engine platforms as well as social networks, because the implementation costs are very high and the effectiveness is uncertain, while our financial sources are limited,”  

According to To Hoai Nam, general secretary of the Vietnam Association of Small and Medium Enterprises, many businesses, regardless of their sizes, are returning to the starting point, and they are in dire need of support policies of the Government

“The effectiveness of the economic recovery programme depends on the size and implementation of the support package before businesses go bankrupt,” Nam emphasizes.

The National Assembly recently approved the government’s US$15 billion bailout package which is considered a lifesaver for businesses to weather the COVID-19 crisis. Businesses all expected they would get benefits from this package son when it is implemented in reality.

However, Hang points out that the government had previous adopted several bailout packages during the height of the pandemic, but most of businesses, especially small and medium sized that desperately need capital, could not access the package due to tough conditions.

“With the new bailout package, State management agencies should provide specific information about conditions and simplify procedures to help businesses get easier access to capital sources,” she says.

To effectively implement the economic recovery support package, according to Dr. Can Van Luc, chief economist of the Bank for Investment and Development of Vietnam (BIDV), State management agencies should classify groups of businesses that are in need of capital for production recovery.

“The US$15 billion bailout package cannot be disbursed evenly for all…it should be considered appropriately,” he suggests.

2022 is considered an important year for businesses as they develop and realize recovery plans after two years of either moderate production or closures due to COVID-19. To Hoai Nam, general secretary of the Vietnam Association of Small and Medium Enterprises, suggests that the support package should be immediately be disbursed to help businesses stay afloat.

Source: VOV

Source: https://vietnamnet.vn/en/business/businesses-seek-to-easily-access-us-15-billion-bailout-package-820791.html

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Vietnam targets 7% GDP growth this year: minister

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HANOI — Vietnam is aiming for economic growth of 7% this year, the country’s planning and investment minister said on Monday, higher than an official target of 6.0%-6.5% set previously.

To achieve this, year-on-year economic growth in the third quarter needs to be 9.0% and in the fourth quarter 6.3%, minister Nguyen Chi Dung also said during a government meeting.

Dung said Vietnam’s budget was in surplus, giving scope for fiscal policy to be used to support businesses and residents.

“Credit institutions will need to further cut their lending interest rates to reduce input cost pressure for businesses and for the economy,” he said.

Vietnam, a regional manufacturing hub, started lifting its coronavirus curbs late last year, allowing factories to resume full operations.

The economy is recovering after growing only 2.58% last year, the slowest pace in decades.

The Southeast Asian country reported GDP growth of 7.72% in the second quarter, backed by strong export growth, but warned of upward inflation pressure for the rest of the year. 

Source: https://tuoitrenews.vn/news/business/20220704/vietnam-targets-7-gdp-growth-this-year-minister/67932.html

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Vietnam spends $40bln importing computers, electronic components since early 2022

Computers and electronic components continue to be the lead group of imported goods, with a turnover of approximately $40 billion, according to the latest data from General Department of Customs.

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From the beginning of the year to June 15, the country spent $39.62 billion importing computers, electronic products, and components, an increase of 29.3% from a year ago.

Computers, electronic products, and components remain the largest import item of Vietnam, accounting for 23.36% of the total import turnover of the economy.

The second-largest imported goods were machinery, equipment, tools, and spare parts with $20.43 billion. The largest import market of this product group was Asia.

Importing computers, electronic products, and components from South Korea was $10.53 billion, a sharp increase of 44% from an earlier year. China was after South Korea with $10.36 billion, up 29.2%. Computer import from Taiwan was recorded at $4.98 billion, up 35.5%; from Japan with $2.89 billion, up 39.8%.

From the beginning of the year to the end of June 15, the total import turnover reached $169.58 billion, an increase of 16.3% (equivalent to an increase of $23 0.8 billion) from last year.

In addition to computers, and electronic products, commodity groups with high turnover such as petroleum increased by $2.53 billion, an increase of 128.4%. Coal of all kinds increased by $2.19 billion, equivalent to 135.7% growth.

Source: https://e.nhipcaudautu.vn/economy/vietnam-spends-40bln-importing-computers-electronic-components-since-early-2022-3346496/

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Yeah1 to buy TV firm amid restructuring

Online entertainment company Yeah1 plans to buy a 51 percent stake in TV and radio company STV amid a major restructuring endeavor.

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The deal is set to be completed this quarter. STV, established in 2008, owns lifestyle TV channel StyleTV, stock and finance channel InfoTV and radio channel Joy FM.

The deal was announced after Yeah1 founder and chairman Nguyen Anh Nhuong Tong sold his entire 12.89 percent stake on June 1 after 15 years of leading the company from an online news website to the first media company to be listed on the Ho Chi Minh Stock Exchange.

Several other major shareholders have also been pulling out since February, including DFJ VinaCapital Venture Investment.

Yeah1 has postponed its annual general meeting twice this year saying more time was needed to prepare important documents.

It reported post-tax profits of nearly VND28 billion last year after two years of losses.

Its contract with YouTube was terminated in March 2020 due to a violation of policies, and what began as an operational error has “turned into a real crisis for the company,” Tong once said.

Yeah1 targets revenues of VND588 billion this year, down 45 percent from 2021 and the lowest since 2017.

It plans to issue 78.6 million new shares to increase its capital.

Source: VnExpress

Source: https://e.nhipcaudautu.vn/companies/yeah1-to-buy-tv-firm-amid-restructuring-3346497/

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