Vietnam announces $1.16bln stimulus package to help virus-hit firms

The plan includes tax breaks, delayed tax payments and a reduction in land lease fees, Vietnam Television quoted Prime Minister Nguyen Xuan Phuc as saying.

The government would also speed up state spending on infrastructure projects, it added.

Vietnam’s central bank ordered commercial banks on Feb. 24 to eliminate, cut or delay interest payments on loans to companies facing losses due to the coronavirus outbreak.

Vietnam’s hardest-hit industries include tourism, transport, electronics, agriculture and insurance the government has said. The epidemic could wipe around $7 billion from Vietnam’s tourism earnings as international travellers stay away, state media has reported.

Vietnam last week said all 16 people in the country infected with the coronavirus had been cured and released from hospitals, and there had been no new cases in the country since Feb. 13.

► Vietnam Airlines to suspend flights between Vietnam and South Korea since March 5

Source: Reuters