Việt Nam News

HCM City helps firms hard-hit by COVID-19 avoid bankruptcy

July 28, 2020 - 17:33

Secretary of the HCM City Party Committee Nguyễn Thiện Nhân has told local agencies to help local businesses affected by COVID-19 maintain production and avoid bankruptcy.

HCM City agencies plan to help businesses avoid bankruptcy and maintain production. VNA/VNS Photo

HCM CITY — Secretary of the HCM City Party Committee Nguyễn Thiện Nhân has told local agencies to help local businesses affected by COVID-19 maintain production and avoid bankruptcy.

Lê Thị Huỳnh Mai, director of the city’s Department of Planning and Investment, said that as of June 20 more than 8,300 enterprises in the city have closed temporarily, a 40 per cent increase with the same period last year.

In addition, more than 2,500 enterprises have completed dissolution procedures, an 10 per cent increase year on year, due to the COVID-19 pandemic.

The number of enterprises that have dissolved or temporarily stopped operations in the second quarter also increased sharply.

This trend may continue to increase in the coming months, Mai said.

The top priority now is to help businesses maintain production and avoid to go bankrupt, and prevent workers from losing jobs, she added.

The city plans to help companies reduce production costs and encourage domestic production to replace imported goods.

It will also help expand the domestic value chain, the city's Party Committee said.

With this support, the city aims to significantly help more than 8,300 businesses that have suspended operations because of the COVID-19 pandemic. – VNS

Tags COVID-19 outbreak

Pepper prices continue increase trend

Economy

VN-Index loses the threshold of 1,180 points

Economy

HCM City seeks to draw remittances in infrastructure

Economy

Lào Cai province calls for more Japanese investments

Economy

Chilli pepper exports jump 53% in Q1

Economy

Masan closes $250 million investment from Bain Capital on April 22

More on this story

Economy

An Phát becomes plastic firm with highest market capitalisation

An Phát Holdings Group on Tuesday listed 132.6 million shares on the Hồ Chí Minh Stock Exchange (HOSE).

Economy

Saigon Dairy Factory to export to China

The factory was permitted to export flavoured fermented milk to China on Monday.

Economy

Vietfood Beverage - Propack Việt Nam expo returns next month

Covering 5,000sq.m at the Sài Gòn Exhibition and Convention Centre, the upcoming exhibition will showcase a wide range of of products including food, agriculture products, seafood, drinks, nutrition and complemented food in addition to raw materials, manufacturing and packaging equipment.

Economy

Decree takes effect in September to raise standards for corporate bond market

The value of corporate bond market increased sharply from 9.01 per cent of the country’s total GDP in 2018 to 11.3 per cent in 2019.

Economy

Đà Lạt vegetable prices shoot up, HCM City suffers collateral damage

The prices of vegetables and fruits in Đà Lạt and neighbouring areas in Lâm Đồng Province are on the rise.

Economy

Start-up investment in Southeast Asian doubles despite COVID-19

Data from Singapore-based start-up information platform DealStreetAsia showed the value of fundraising deals in Southeast Asia rose 91 per cent on the year to US$2.7 billion.

Economy

Group set up to inspect pork market

The Ministry of Industry and Trade has founded a group to inspect the pork market which saw prices at high levels since the end of 2019 despite the Government’s effort to increase supply to make up for the drops caused by African swine fever.

Economy

Export fair to open this week in Ha Noi

In the first half of this year, the COVID-19 pandemic took a heavy toll on local businesses, particularly exporters.

Economy

Shares nosedive on new virus cases, fears of another outbreak

Vietnamese shares suffered their biggest daily percentage drop in four months as new COVID-19 cases highlighted continued risks posed by the pandemic and dimmed the prospect of a swift economic recovery.