Minister of Planning and Investment Nguyen Chi Dung. (Photo: VietnamPlus) Hanoi (VNA) – Minister of Planning and Investment Nguyen Chi Dung has put forth solutions to remove obstacles for enterprises at a meeting between standing cabinet members and business representatives on the occasion of the Vietnamese Entrepreneurs’ Day (October 13).
According to the minister, businesses are facing high costs and difficulties in accessing capital to maintain and expand their production and business activities. The trend of applying green and sustainable standards, and the increase in trade defence measures of countries are also hurdles for export businesses.
Dung also pointed out some pressing issues such as weak purchasing power and a decline in revenue. The lack of orders makes it difficult for many businesses to retain workers while waiting for the market to recover. Many businesses choose to reduce production and business activities, reduce working hours, or lay off workers.
Businesses are facing high costs and difficulty accessing capital so they can maintain and expand production and business activities.(Photo: VietnamPlus) He emphasised that working side by side with businesses, the Government and Prime Minister have directed ministries to deploy effective solutions to assist businesses in adapting to new situation. Government members were urged to work regularly with localities while special working groups were established to promptly remove difficulties for businesses.
Forecasting that the business community will continue to face many challenges until 2024, the minister suggested some solutions to help enterprises, including eliminating bottlenecks and legal barriers that are hindering business investment activities of enterprises and clearly defining institutional reform.
Creating a favourable business and investment environment is a particularly important solution in the current context.
Dung went on to say that the issuance of new regulations that might affect the rights of people and businesses should be avoided.
He highlighted the need to remove difficulties in value-added tax (VAT) refunds for businesses as well as review and cut unreasonable costs to business practices. Tax incentives for enterprises engaged in digital transformation should be considered.
Enterprises should receive support in accessing new markets, boosting exports, and promoting domestic consumption, he said. Ministries and localities should continue to closely monitor the economic situation and policy adjustments of major markets such as the US, European Union, China, and Japan, in order to provide early notification to the industries and business community, he said.
To boost exports, business management should actively support the business community to take advantage of commitments in free trade agreements (FTAs), especially new generation FTAs.
It is necessary to direct credit capital flows to serve production and business activities, especially in priority areas (Photo: VietnamPlus) It is essential to assist workers, create jobs and ensure social security, Dung said. Support policies should be deployed for trade union members and labourers whose working hours are reduced or labour contracts are terminated due to a reduction of orders.
The minister called for promoting the implementation of policies and measures to assist businesses in digital transformation, innovation, and perfecting institutions to encourage them to apply sustainable business models, new industries and develop the digital economy, green economy, and a circular economy.
He suggested that the business community make efforts together with the Government and Prime Minister to explore solutions and seize opportunities not only to boost their strengths but also to contribute to the country's development./.
