Leaders Pledge Optimal Conditions for Businesses to Operate Normally

The Government will soon issue temporary guidance on safe, flexible adaptation, and effective Covid-19 control measures to create favourable conditions for businesses to operate normally.
October 13, 2021 | 09:13
Leaders Pledge Optimal Conditions for Businesses to Operate Normally
Prime Minister Pham Minh Chinh speaks at the meeting with representatives of the Vietnamese business community in Hanoi on Vietnam Entrepreneurs Day (October 13). Photo: VGP

Prime Minister Pham Minh Chinh meets with representatives of the Vietnamese business community in Hanoi on Vietnam Entrepreneurs Day (October 13).

The entrepreneurs suggested the Government put a comprehensive economic recovery programme in place to adapt to the new normal as the country moves into the post pandemic period.

Covid-19 – test for domestic firms

Pham Tan Cong, President of the Vietnam Chamber of Commerce and Industry (VCCI), said the pandemic presents a severe test to the business community on their quest to maintain production and stay afloat.

Since its initial emergence in January 2020, the pandemic has taken a heavy toll on the national economy, disrupting production lines, markets, money circulation, and the workforce.

Leaders Pledge Optimal Conditions for Businesses to Operate Normally
Pham Tan Cong, President of the Vietnam Chamber of Commerce and Industry (VCCI). Photo: VGP

It will certainly take a long time to get the economy back on track, so businesses long for a comprehensive economic recovery programme that is scientifically designed, highly feasible and suitable to their needs, while serving as a basis for localities, industries and businesses to develop their own recovery plans,” Cong was cited by VOV as saying

Furthermore, he said businesses also expect the Government to continue promoting administrative reform, creating an open, transparent, and equal business investment environment, whilst increasing dialogues with State agencies to facilitate their operations.

The VCCI President also stated that the pandemic also offers a chance for the domestic business community as they strive to enhance their governance capacity, respond better to market fluctuations, carry out digital transformation, and restructure their workforce in a sustainable manner.

Echoing with Cong’s view, Nguyen Thi Nga, CEO of SeABank and BRG Group, said that both the Party and State have introduced a range of guidelines and policies over the past year to support the business community during the turbulent period.

She highly appreciated the Government changing its zero-Covid-19 strategy to a model of living safely with the virus in an effort to help businesses maintain their production and supply chains.

We support the Government’s COVID-19 prevention and control measures and vow to devote ourselves to the national construction cause and the COVID-19 fight,” said the female CEO.

Leaders Pledge Optimal Conditions for Businesses to Operate Normally
Representatives of the Vietnamese business community at the meeting. Photo: VGP

Le Vinh Son, Chairman of Son Ha Stainless Water Tank Company, said the prolonged impact of the pandemic has dealt a big blow to business production, forcing firms to both adapt to and fight to survive the current situation. However, along with their own efforts, firms expect the Government to introduce viable solutions, along with creating a suitable environment in which they can overcome the numerous difficulties during and after the pandemic.

I think the Government should stabilise the fiscal policy, support firms to get sufficient capital to overcome difficulties, and ease conditions for firms to access credit relief packages for their recovery efforts,” suggested Son.

Assisting businesses to operate normally

In his remarks, PM Chinh reaffirmed the important role the business community plays in national socio-economic development. He expressed his hope they will continue to accompany the Government to overcome this difficult period and develop a strong and prosperous nation.

He stated that the Government has reported to the National Assembly Standing Committee that they are considering extending payment of the value added tax, corporate income tax, personal income tax, and land rent.

The Government will soon provide temporary guidance on safe, flexible adaptation, and effective Covid-19 control measures in order to create favourable conditions for businesses to operate normally.

Leaders Pledge Optimal Conditions for Businesses to Operate Normally
Prime Minister Pham Minh Chinh meets with representatives of the Vietnamese business community in Hanoi on Vietnam Entrepreneurs Day (October 13). Photo: VGP

Moreover, Government will also soon complete a socio-economic recovery and development package which will primarily focus on supporting the recovery process and promoting business production. This will especially help small and medium-sized enterprises and those that are able to recover and take advantage of post-pandemic opportunities.

Over both the middle and longer terms, PM Chinh noted that the Government will perfect institutions, mechanisms, and policies to adapt to the new context, promote dialogues with businesses, and increase investment in transportation and information infrastructure as a way of supporting businesses.

The Government leader also called on businesses to constantly renew their thinking, seek out opportunities in challenges, and quickly adapt to the new situation, in order to affirm their position within the domestic market and effectively penetrate the global market.

Tackling hindrances facing businesses

President Nguyen Xuan Phuc meets with representatives of the Vietnam Young Entrepreneurs’ Association in HCM City on October 12. (Photo: VNA)
President Nguyen Xuan Phuc meets with representatives of the Vietnam Young Entrepreneurs’ Association in HCM City on October 12. Photo: VNA

In a meeting with over 40 representatives of the Vietnam Young Entrepreneurs’ Association (VYEA) in Ho Chi Minh City on October 12, President Nguyen Xuan Phuc promised that he will join other Party and State leaders in working to tackle hindrances facing businesses.

Expressing his sympathy for businesses and entrepreneurs on their losses in the pandemic, Phuc applauded their efforts to address difficulties, sustain production, retain employees, and contribute to social security in response to the Party and State’s appeal, Nhan dan (People) newspaper reported.

He asked young entrepreneurs to uphold patriotism and national pride, noting that they should bring into play solidarity to maintain mutual support while strengthening their will and mettle to succeed in every circumstance and compete with their peers around the world.

As creativity is the strength of the youth, challenges should be viewed as the catalyst for creativity and entrepreneurship so as to develop businesses and the country. Young entrepreneurs need to have trust in their career, the people’s fortune, and the country’s future, and they should be confident and patient in their actions, according to the State leader./.

Vietnam aims to have about 710,000 newly-established enterprises in the 2021-2025 period under a draft resolution sketched out by the Ministry of Planning and Investment and other relevant ministries, sectors, agencies and localities.

Under the document, various support policies will be designed to assist businesses in recovering, expanding and improving their competitiveness. In 2025, Vietnam expects to have over 2.1 million companies, according to VietnamPlus.

In the period, about 10 start-ups are hoped to reach the value of over $1 billion, while about 35-40% of total firms are expected to launch science-technology application and innovation activities, and 100% of companies are hoped to access digital transformation, with 100,000 firms getting support in the field.

To this end, the ministry will give eight groups of solutions, focusing on improving the investment and business environment, expanding domestic and foreign markets, strengthening the credit access for businesses, especially those hit by Covid-19.

Alongside, the ministry also proposed support to human resources development and the fostering of connectivity among enterprises so that they can join domestic and international value chains and gradually lead the chains in the next five years.

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