Business and Challenges for Sustainable Development

In fact, limited access to information related to banking and credit, land management and use, business fraud probe and prevention, and corruption inspection and prevention hinders business operations of enterprises. Stemming from this, participants to the workshop commented that doing business based on policy transparency is a must-go path for enterprises to reach sustainable development, elevate the position, and enhance reputation in the community, the society and the globalised business environment characterised by increasingly fierce competition. In the long term, policy consistency and transparency will help businesses to build up images, and maintain the trust of partners, customers and shareholders, etc. This will in turn help enhance competitiveness and quality of their products. This policy dialogue conference was an opportunity to State management agencies to capture feedbacks from businesses to make amendments and supplements to policies and mechanisms in order to create a fair, favourable business environment for enterprises to operate and develop.

 

Delivering a keynote to the conference, Dr Doan Duy Khuong, VCCI Vice President, stated that in the context of global economic downturn plus solutions to macroeconomic balancing and short-term challenge tackling, Vietnam has also focused on specific policies like continued investment for infrastructure and human resource development to ensure quality growth and long-term development. Review of results achieved and anticipation of challenges to sustainable development goals are essential for both the government and the business community. He said that, to maintain continued and sustained economic growth, macroeconomic stability issues, growth quality guarantee, and sustainability-driven growth of the country and of enterprises must be place top priority.

 

Dr Khuong also stressed that one of the contents sustainability requires is transparency and integrity. In the present context, the biggest challenge is perhaps how to minimise difficulties facing enterprises in the process of fulfilling administrative procedures related to production and business activities, to avoid or curtail "underground" and unofficial costs for business operations, and ultimately to minimize corruption in relation to operations of enterprises.

 

Mr Nguyen Tuan Anh, Deputy Director of the Legal Department under the Government Inspectorate, said, in recent years, the institutional framework on inspection, examination and settlement of denunciations has a lot of changes, especially in inspection aspect. The conference is an information channel for State management agencies to capture to capture feedbacks from businesses to make adjustments and supplements to policies and mechanisms in order to create a fair, favourable business environment for enterprises to operate and develop. Through such a dialogue, businesses and State management agencies collectively identified imperfections of policies and laws and risks of negative impact on integrity and transparency of business operations. The two sides made recommendations, amendments, and perfections to laws and policies to boost transparency and facilitate enterprises to do business and generate more paid jobs for the whole society.

Mr Vu Van Chien, Editor-in-Chief of Inspector Magazine, said strengthening dialogues between authorities and businesses are essential. Contents of mechanisms, credit policies, interest rate policies and enterprises’ access to capital sources as well as troubleshooting solutions and market supports for enterprises like interest rate cut and debt restructuring (repayment period, interest, new loan, old loan payment, etc.), commercial bank restructuring and others will help businesses better orient operating activities and prevent corruptive acts in credit and banking business.