Gov’t Plans New Financing Program for Hotel Businesses to Renovate Their Venues

14 December 2021
Local News
1671 Views

The Ministry of Economy and Finance plans to provide additional financing packages to tourism and hotel operators so that they can use the capital to rehabilitate, renovate or expand their venues during the reopening period.

Speaking at a press conference on 14 December, HE Phan Phalla, Secretary of State of the Ministry of Economy and Finance, stated that the financial assistance will be provided under a co-financing scheme with partnered financial institutions.

He added that the financial assistance is for hotels and restaurants in key areas.

“We are not helping them to build new hotels, but for renovation. They have closed their businesses for a year and a half, so when reopening, they may need cash to renovate before reopening,” said HE Phan Phalla.

Under the project, the loan size will not be large, but the government intends to provide to a high number of operators.

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