Ha Noi has set aside more than VND2 trillion (US$87 million) in funds to support poor households, vulnerable groups, and small-to-medium sized businesses in a bid to speed up the capital's economic recovery.

The funds will be distributed through the Social Policy Bank of Vietnam's network in collaboration with district and commune-level government to ensure the intended beneficiaries will promptly receive much-needed financial aid.

In a recent announcement, city officials said it had prepared different plans for different scenarios of pandemic development and economic recovery. The idea is to remain vigilant and flexible to ensure production stays uninterrupted.

Do Anh Tuan, head of the city's planning and investment department, said the city had formed several task forces to closely work with businesses, cooperatives and households affected by the pandemic.

He said they could count on the government's support packages, including tax cuts, waiver and reduction of administrative fees, credit extension and other financial support.

Half of the funds reportedly came from the city coffers, while the other half came from the Social Policy Bank of Vietnam's loans in previous years. — VNS