Lawmakers expressed their concern over the health of domestic companies at a plenary session in Hanoi on October 31, saying that the government needs to devise support measures.

Over 60,000 new firms were registered during the first ten months of this year, but almost 54,000 businesses suspended their operations or were dissolved completely. Out of 485,000 active firms, just over 30 percent are generating profits, Vu Tien Loc, the representative of Thai Binh’s delegation, said.

He called for a level playing field for businesses, which should focus on core operations, apply technological advances, and improve managerial skills and the quality of the workforce.

Along with refining legal regulations and accelerating administrative reforms, the Government should provide small and medium-sized enterprises (SMEs) with preferential credit, making it easier for them to access loans, especially mid-term and long-term loans, he said.

To boost domestic sales, several representatives suggested expanding the campaign “Vietnamese prioritise Vietnamese goods” and closely monitoring trans-border trade.

Accounting for 98 percent of domestic firms, SMEs now contribute to more than 40 percent of the gross domestic product and employ more than half of the national total workforce.-VNA