Vietnam Business Forum: Businesses offer recommendations on reviving economy post-pandemic

A view of the high-level session of the Vietnam Business Forum (VBF) 2022 in Hanoi on February 21. (Photo: VNA)

Hanoi (VNA) – Various recommendations have been put forward at the Vietnam Business Forum (VBF) 2022 to revive and sustainably develop the economy in the face of adverse impacts from the COVID-19.

Themed “Restoring the economy and developing supply chain in the new normal,” the VBF was co-hosted by the Vietnam Chamber of Commerce and Industry (VCCI), Ministry of Planning and Investment, World Bank (WB), and International Finance Corporation (IFC) in Hanoi on February 21.

In his remarks at the event, VCCI Chairman Pham Tan Cong cited results of a survey that showed the COVID-19 pandemic had taken a toll on up to 93.9 percent of enterprises in Vietnam last year. Firms in all sectors have experienced difficulties caused by COVID-19, most notably challenges in accessing customers, cash flow imbalance, labour shortage, and supply chain disruption, according to the VCCI survey.

The number of newly-established enterprises and those re-entering the market was down 10.7 percent compared to the previous year to nearly 160,000 in 2021, data from the General Statistics Office shows. Meanwhile, up to 119,800 firms were dissolved, up 17.8 percent year-on-year.

Prime Minister Pham Minh Chinh (centre) attends the high-level session of the Vietnam Businees Forum 2022. (Photo: VNA)

2022 is likely to be another challenging year for the economy. To fulfil this year’s goals and successfully implement the Government’s tasks and solutions, the business communities came up with ten recommendations. They suggest the Government, ministries and local administrations to continue facilitating access to information relating to supporting policies and regulations for enterprises and providing them with help to gain easier access to funding to recover production. 

They also urge for simplified exit and entry rules to facilitate travel of workers and experts and effective implementation of supporting programmes offering training for people left jobless by COVID-19.

They want to receive support to accelerate application of information technology in accessing public administrative services and make full use of preferential tariffs from free trade agreements.

The business community show interest in developing digital economy, deemed as the growth engine of the economy; and call on ministries and local administrations to boost the development of the domestic market, strengthen the linkages between business and industry associations to reduce the independence on imported products, and accelerate public administration reforms./.

VNA