These are anxious times for our workforce, captains of industry, and country leaders.
Vietnam has managed commendably thus far in educating and protecting the population at large. In addressing the beleaguered economy, the Prime Minister issued Directive 11 on measures to help businesses affected by the COVID-19 pandemic. This include tax incentives, delaying payment of land-use fees, ensuring supply of raw materials for manufacturers, etc. The State Bank of Vietnam (SBV) has already cut interest rates from February 2020 and has requested commercial banks to lower interest rates.
To manage current challenges, and to help the business eco-system and country leaders to turn the corner (in matters that can be controlled), what can VBF members do? We can identify the challenges we face and to discuss solutions. This could be:
– In licensing or other procedures that are unnecessarily onerous and time consuming;
– In statutory fees / payments / taxes that are overwhelming for an anemic economy;
– In business and telecommunication tools and infrastructure that are under capacity; and
– Workforce and employment issues and uncertainty.
– Continue to advance e-government and smart cities initiatives;
– To advance the service sector with use of digital tools;
– Attracting and enabling higher value-added manufacturing; and
– Progressing multi-lateral relationships and trade and investment agreements.
In short, please give us your feedback, concerns and proposals so that the VBF, with the Investment & Trade Working Group taking the lead in this matter, can progress this discussion with the appropriate authorities.
We also wish to encourage the Government to keep furthering its initiatives around:
– e-Government (to speed up administrative processes and enhance efficiency):
– Smart cities (to manage and serve city and population agendas, in particular in healthcare, education and the environment);
– Attracting and enabling higher value-added manufacturing;
– Digital economy and the many services and tools that can be delivered online and on mobile;
– Multilateral relationships and trade and investment agreements (which enhances business and investment opportunities, and opens channels for meaningful dialogue and action in times of global crisis).
Likewise, please let us know if you have concerns, ideas and proposals in furthering these and related initiatives.
Even as we hunker down to weather this tough spell, this is also the time to identify, assess, and progress the next steps that would enable our business and Vietnam to be the first out of the gates when the dust eventually settles.
Thank you for your cooperation and stay safe!
Vietnam Business Forum Secretariat
3B Floor, Horison Tower, 40 Cat Linh
Dong Da, Hanoi, Vietnam
T: (84) 243 715 2223/ 6
F: (84) 243 715 2218