Business Support Is Essentially Urgent and Resolute

In the struggle to ride out recession, sustain growth and ensure employment, each business is a “fortress” and each entrepreneur is a “fighter,” Dr. Vu Tien Loc, President of the Vietnam Chamber of Commerce and Industry (VCCI), affirmed at an online meeting between VCCI and business associations with the theme “Business community joins hands with the Government in the peak phase of Covid-19 prevention” on April 3.

Nearly 100 leaders of domestic and foreign business associations across the country joined this conference.

Dr. Vu Tien Loc said that, on February 25, VCCI sent an official dispatch to the Prime Minister, describing hardships and obstacles faced by the business community and recommending solutions to help business cope with the Covid-19 pandemic. On March 31, the Prime Minister issued Directive 16 on Covid-19 prevention, including many policies on business support.

CPV General Secretary and President Nguyen Phu Trong urged the entire people to join the fight against the pandemic, and Prime Minister Nguyen Xuan Phuc directed “Fighting the pandemic is like fighting the enemy.” Recently, the press praised health professionals as heroes in the fight against the contagion. They are really heroes and fighters in this struggle, and they are respected and honored.

However, according to VCCI President Loc, besides health professionals, businesspeople are quietly leading the economic front in the war against the pandemic. Their battle is equally fierce.

“I suggest that supporting businesses should be as urgent and resolute as fighting the pandemic, and protecting businesses is protecting teammates in this battle. Each business is a fortress, each entrepreneur is a fighter in the struggle to ride out recession, sustain growth and ensure employment,” he said.

The pandemic is getting worse across the world. It is the worst global crisis since World War II and the economic impact of this pandemic could lead to a global recession. In Vietnam, in the first quarter, the economic growth was just 3.82%, the lowest in a decade.

“According to our survey, over 80% of businesses say that their revenue this year will decline from last year. The Government and the Prime Minister not only have timely and accurate measures to prevent and control the pandemic, but also have initial consistent solutions to business support. The Government is preparing to issue a new resolution on policies and measures to help people and businesses to get through this tough time,” he added.

Citing VCCI’s statistics, Dr. Loc said, “According to our statistics, 15 documents have been issued by relevant authorities to support business. Two draft documents are being prepared for promulgation and six policy documents are being drafted and expected to be introduced soon, as directed by the Prime Minister. We applaud the efforts by ministries and agencies although the enforcement is generally slow.”

According to Dr. Loc, in addition to the State Bank of Vietnam, the Ministry of Industry and Trade or the Ministry of Agriculture and Rural Development have quickly realized their policies, while others are quite slow at this. These policies have not actually worked as expected, and administrative processes and procedures to access support measures are still troublesome.

“Worryingly, the government-launched social isolation policy is being misinterpreted in some localities, resulting in misleading practices that hinder production and circulation of goods, even essentials. This needs to be rectified with a transparent, consistent guide from the central to local levels, not with a varied understanding from place to place. With effective and impending policies and solutions, we suggest that policies must be really transparent and carried out quickly and consistently,” VCCI President noted.

Source: Vietnam Business Forum