HCMC proposes debt rescheduling for public transport businesses

Saigon Investment
(Saigon Investment) - To promptly remove difficulties for transportation businesses amid the complicated and unprecedented Covid-19 pandemic situation, the Ho Chi Minh City Department of Transport suggested that the People’s Committee of Ho Chi Minh City propose the State Bank of Vietnam to direct commercial banks on considering interest rate reduction and debt rescheduling for transport vehicles investment loans.

The department also suggested that the People’s Committee of Ho Chi Minh City propose the Ministry of Transport and the Government to consider the extension of must-installed cameras by December 31, 2023, instead of before July 01, 2021, following Decree No.10/2020/ND-CP to create favorable operation for businesses amid the complicatedly developing pandemic.
 
 HCMC proposes debt rescheduling for public transport businesses ảnh 1(Illustrative photo:SGGP)
In addition, the Department of Transport also proposed the Municipal People’s Committee to direct HCMC Tax Department to consider tax reduction or tax rescheduling for transport vehicle businesses. 
According to the Department of Transport, the Covid-19 pandemic has significantly affected public transport bus services. 
 
The Department has decided to suspend the operation of 39 bus routes. The number of commuters traveling on subsided bus routes has reduced sharply and transport businesses' revenue has sharply fallen and they have been short of funds to make up operation and management costs.

By Quoc Hung – Translated by Huyen Huong

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