And the most important job is to support businesses and enterprises to start production and business as soon as possible.
Storms and floods caused huge damage, many aquaculture and agricultural households lost everything. Tourism businesses were severely affected, hotels, restaurants, and eateries were devastated, many establishments had to be rebuilt from scratch. Businesses had to borrow capital, but the capital was blown away with the storm and floods, businesses were facing debt and needed new capital to reproduce.
At this time, money is decisive for the recovery of businesses. Economists and managers analyze the situation and propose many urgent solutions such as debt cancellation, debt extension, and loan packages with 0% interest rate. Any solution applied will give a breath of life to businesses; once decided, it will be decided immediately and implemented immediately. The sooner businesses recover, the more stable and developed the economy will be.
Learning from experience, there have been very timely policies introduced to support people and businesses, but their implementation into life has been too slow, limiting effectiveness and missing opportunities. The 120,000 billion VND social housing credit package is an example.
A very encouraging sign is that the banking sector has stepped in and provided timely solutions such as reducing interest rates and extending repayment periods for those affected by storms and floods. These solutions reduce debt pressure and at the same time create a source of capital for businesses to return to the market.
But people and businesses recovering quickly do not rely solely on support from banks. Another source of support is the tax industry, tax exemptions for businesses at this time are very meaningful support. Not to mention, it is possible to survey businesses and enterprises that have suffered heavy damage, depending on the level to exempt taxes for the next year or 6 months to "relax the people".
Another resource is that insurance companies must fulfill their compensation responsibilities quickly, transparently, and with the spirit of maximum customer support. This is the time for insurance companies to demonstrate their capacity and reputation in the market.
Finally, it is the management capacity of local government. Good leadership or not will be proven by the effectiveness of economic recovery and development.
