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VietNamNews

Ministry to offer business support plan next week

Update: August, 09/2012 - 10:10

HA NOI — The Ministry of Industry and Trade expects to release its plan on solving problems in production and business to enterprises next week, said an official of the ministry at its online meeting in Ha Noi early this week.

Nguyen Nam Hai, deputy minister of industry and trade, said the industrial production index increased in July but the growth rate in production was still lower than the same period of last year.

That means difficulties in industrial production are only partly solved and the industries still faces other challenges, especially in the processing and manufacturing industries, Hai said.

Therefore, the plan will focus on helping enterprises reduce inventory and take out loans to help them develop production and business, promote exports and expand their reach, he said.

The plan includes all kinds of production and trading enterprises in both domestic and foreign-invested sectors.

Nguyen Tien Vy, deputy director of the ministry's Planning Department, said the ministry would offer recommendations on interest rates of loans for enterprises.

The State Bank of Viet Nam should manage monetary policies to create favourable conditions for enterprises in approaching banking credit sources and promoting a reduction in the interest rate of loans, Vy said.

Banks currently offer reduced interest rates on short-term loans for firms, but the interest rate of medium-term loans remains at the high level of 13-15 per cent per year. The State Bank should cut the interest rate of medium-term loans to below 12 per cent per year, he said.

The bank should also consider reducing the interest rate of loans for the mechanical industry because the rate of 11.4 per cent is not attractive to investors.

According to the plan, the Government will prioritise construction projects and real estate enterprises, offering them support in purchasing building materials such as cement, steel and electric appliances.

Meanwhile, the ministry will work with the Ministry of Finance to increase capital for national trade promotions this year to VND100 billion (US$4.8 million) in total as in previous years. The increase in capital for national trade promotion activities is expected to increase both the quality and quantity of the activities.

The ministry will also work with all industries and associations to offer specific solutions for enterprises in those industries, according to the ministry. — VNS

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