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Vietnam Business Forum Recommends Measures for Economic Recovery

The Vietnam Business Forum (VBF) 2022 made a number of proposals to help the economy recover and grow sustainably in the face of the COVID-19’s negative effects.

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

In his remarks at the ceremony, VCCI Chairman Pham Tan Cong mentioned findings from a poll showing that the COVID-19 pandemic had a negative impact on up to 93.9 percent of Vietnamese businesses last year. According to the VCCI poll, COVID-19 has produced problems for businesses in all sectors, including reaching clients, cash flow imbalances, labor shortages, and supply chain interruption.

According to statistics from the General Statistics Office, the number of newly-established businesses and those re-entering the market fell 10.7% from the previous year to approximately 160,000 in 2021. Meanwhile, up to 119,800 businesses were dissolved, an increase of 17.8% year on year.

The year 2022 is going to be another difficult one for the economy. The business community has come up with 10 ideas to help achieve this year’s goals and successfully implement the government’s responsibilities and solutions. They recommend that the government, ministries, and local governments continue to make information on supportive policies and laws more accessible to businesses, as well as assisting them in gaining easier access to finance to help them recover output.

Vietnam Business Forum Recommends Measures for Economic Recovery

They also call for streamlined exit and entrance procedures to make it easier for employees and experts to travel, as well as the efficient implementation of assistance programs that provide training to those who have been laid off as a result of COVID-19.

They desire assistance in accelerating the use of information technology to access public administrative services and maximizing the benefits of free trade agreements’ favorable tariffs.

The business community is interested in developing the digital economy, which is seen as the economy’s growth engine, and is urging ministries and local governments to support the development of the domestic market, strengthen links between industry associations and business to reduce reliance on imported goods, and speed up public administration reforms.

PM attends Vietnam Business Forum

Prime Minister Pham Minh Chinh attended the annual Vietnam Business Forum’s (VBF) high-level session. Prime Minister Pham Minh Chinh, speaking at the occasion, stated that Vietnam had achieved historical accomplishments after 35 years of following its “Doi moi” (renewal) plan.

He emphasized that, despite extraordinary obstacles and difficulties, Vietnam achieved good results in 2021 thanks to the people’s and business community’s togetherness and unanimity, as well as assistance from foreign friends and partners.

Last year, the country’s import-export income increased by 22.6 percent year on year to about 670 billion USD, putting Vietnam among the top 20 nations with the highest trading scale in the world, he said, adding that foreign direct investment attracted a 9.2-percent increase.

He said that starting October 2021, Vietnam has transitioned to safe, flexible adaptation to, and successful containment of the pandemic, making it one of the six nations in the world with the greatest COVID-19 immunization coverage.

He highlighted that the Vietnamese Party, State, and Government recognize the efforts of the business community and share their hardships, particularly in the context of COVID-19.

Vietnam Business Forum Recommends Measures for Economic Recovery
Prime Minister Pham Minh Chinh speaks at the Vietnam Business Forum.

He emphasized that the Vietnamese government would continue to achieve three strategic breakthroughs – completing institutions, developing human resources, and establishing a synchronized and modern infrastructure system – under the slogan of putting companies first.

After 35 years of Doi moi, Vietnam sees an opportunity to rise strongly on the foundation of national synergy, position, and prestige, he said, emphasizing that now is the time for the country to test the mettle, creativity, and adaptability of both the Government and the business community in the spirit of mutual support, harmonious benefit, and shared risk.

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