According to Vietnam’s “Economic Times” report, the Vietnamese Prime Minister recently decided to provide a subsidy of 40 VND for every US dollar of exports (1 US dollar is approximately 17,500 VND) to companies in industries such as textiles and footwear that use a large amount of labor. To help the above-mentioned enterprises maintain production and ensure stable employment of workers.
According to the report, in addition to the above-mentioned subsidies, the Vietnamese government also requested the Ministry of Finance to study reducing the value-added tax on imported cotton in the textile industry from 10% to 5%, and requested the central bank to provide a preferential loan of US$15 million to Vietnam Textile Group to purchase reserve cotton.
