Deputy Minister of Finance Vo Thanh Hung speaks at the conference. Photo: VGP

Propose to release a reserve of VND350 billion

Speaking at the online conference to review, evaluate and gain experience in prevention and overcoming of the consequences of storm No. 3 chaired by Prime Minister Pham Minh Chinh on September 28, 2024, Deputy Minister of Finance Vo Thanh Hung said that agencies and units of the Finance sector in localities affected by the storm must ensure safety and maintain smooth operations.

Deputy Minister Vo Thanh Hung said that the Ministry has proposed to release a reserve of VND350 billion from the central budget reserve, and will propose a plan to provide additional support for five localities seriously affected by the Storm No. 3 including Son La, Tuyen Quang, Lang Son, Phu Tho, and Thai Nguyen.

Deputy Minister Vo Thanh Hung said that the Ministry of Finance has requested 26 local tax agencies to disseminate and guide businesses and people on tax exemption, reduction, and extension policies; gathered opinions from ministries, branches, and localities on land tax exemption and reduction policies for businesses in 2024.

The Ministry has asked to support over 430 tons of rice and rescue equipment such as speedboats, tents, life buoys, and generators; and provide necessary environmental treatment chemicals and medicines; and provide additional central reserves to support agricultural production recovery.

In addition, the Prime Minister has issued a decision to provide rice, corn and other crop varieties to support agricultural production recovery.

In the insurance sector, the Ministry of Finance has directed insurance companies to quickly determine damages and make advance payments to affected people. As of September 25, insurance companies reported that the total expected compensation for life and non-life insurance is about VND10,165 billion.

The Ministry of Finance has coordinated with the Central Relief Mobilization Committee under the Vietnam Fatherland Front to allocate VND1,025 billion to 26 localities seriously affected by storms and floods. This amount has been used to support the reconstruction of collapsed houses and help people restore their lives.

Deputy Minister Vo Thanh Hung said that the Ministry of Finance proposed to review the items in the national reserve warehouse for timely handling, especially essential items such as food, foodstuffs and rescue vehicles; to promote the coordination method with the Ministry of National Defense and the Ministry of Public Security in supplying goods from the national reserve warehouse.

The conference receives reports and recommendations from ministries, branches and localities. Photo: VGP

Propose to freeze, extend and reduce tax debts

Earlier, the conference listened reports and recommendations from ministries, branches and localities on the damage, causes and experience after storm No. 3.

Senior General Pham Hoai Nam, Deputy Minister of National Defense, proposed the Party, State and Government to promptly allocate capital to implement the Project on development, enhancing capacity to respond to incidents, natural disasters and search and rescue until 2030, with a vision to 2045.

Minister of Agriculture and Rural Development Le Minh Hoan requested localities to coordinate and direct tax agencies, banks and credit institutions to implement debt frozen, debt extension, and 100% tax reduction of taxes payable until December 31, 2025 for enterprises, cooperatives and agricultural production households affected by natural disasters.

Deputy Minister of Education and Training Nguyen Van Phuc proposed that the Prime Minister allocate budget for localities to rebuild 17 completely collapsed schools.

At the Conference, in the banking sector, Governor of the State Bank of Vietnam (SBV) Nguyen Thi Hong said that as of September 25, the outstanding debt affected by storm No. 3 in all provinces and cities was VND165,000 billion and more than 94,000 affected customers.

The SBV proposed ministries, branches, and agencies to report competent authorities to arrange capital sources for policy credit programs implemented at the Vietnam Bank for Social Policies, or submit to the Prime Minister to supplement the credit growth target for this bank in 2024-2025.

Additionally, the Governor requested the People's Committees of provinces and cities to direct departments, branches, and sectors to coordinate with banks to grasp the situation, monitor the impact of the storm, complete procedures for loans and debt frozen for businesses and people, and report to the Prime Minister, the Ministry of Finance, and the SBV for implementation in accordance with regulations.