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Factors at play rates for businesses in industries strongly
affected by the pandemic and key industries
prioritized for development to create
momentum for recovery.
Minister of Planning and Investment Nguyen Chi Dung tells VET Secondly, supporting enterprise restruc-
about what Vietnam’s economic recovery will involve. turing, promoting innovation and digital
transformation at enterprises, and enhanc-
ing sustainable competitiveness. Specifi-
cally, stepping up the implementation of
support to improve the competitiveness
of small and medium-sized enterprises
(SMEs) in accordance with the provisions
of the Law on Support for Small and
Medium-sized Enterprises, focusing on
innovative startups, supporting all enter-
prises, participating in value chains, helping
enterprises with digital transformation,
and applying science and technology and
innovation. Support will be given for work-
force restructuring, including in attracting
and retaining workers, as well as in cor-
porate restructuring and corporate finance,
risk management, sustainable business
development, and the green economy.
Thirdly, continuing to improve the
investment and business environment
% After a “stormy” 2021 affected by prises and entrepreneurs not only proac- to ensure it is equal for and favorable to
Covid-19, the business community has tively introduced flexible solutions to adapt all businesses.
placed a lot of faith in Vietnam’s economic and support each other, but also introduced
recovery program. What key factors will many activities to support communities. % After two years of fighting Covid-19,
help the country recover as quickly and The spirit of solidarity and consensus resources in the private sector have been
as effectively as possible? in the entire political system, businesses, slowly eroded. What needs to be done
I believe that, in every country, the con- and people will remain a key factor in to continue to stimulate resources in
sensus of the people and businesses regard- economic recovery into the future. the private sector?
ing government decisions plays an important The Socio-Economic Development
role and determines success or failure. % What will be the key solutions sup- Strategy 2021-2030 promotes the strong
Amid the difficulties and challenges porting businesses in the Economic development of the private economic sector
posed by Covid-19, the resilience and will of Recovery and Economic Development in terms of quantity, quality, efficiency,
the Vietnamese people has come to the fore. Program for the 2022-2023 period? and sustainability, and it has truly become
The Communist Party of Vietnam and the Covid-19 has had a negative effect on a dynamic and important force in economic
government have provided a host of timely production and business not only in Viet- development. All barriers and prejudices
and drastic instructions on strengthening nam but also around the world. Businesses must be removed, and all favorable con-
pandemic prevention and control, taking have been badly affected and put in a dif- ditions for private economic development
care of people’s lives, promoting socio-eco- ficult situation. Reserves of resources have created, with support provided for the pri-
nomic development, and introducing policies slowly dwindled, while domestic and inter- vate economy to innovate, modernize tech-
to support individuals and businesses. All national markets declined sharply and nology, and develop human resources to
levels, sectors, localities, and citizens have show no signs of recovery or are recovering improve workplace productivity. The for-
proactively and promptly implemented very slowly. The resilience of the business mation and development of large private
measures to prevent and control the pan- sector continues to be weakened. economic groups with strong potential
demic, with positive results obtained. In order to remove the difficulties and and regional and international competi-
Regarding the business community, help enterprises stabilize production and tiveness is to be encouraged.
from the beginning of 2020 when Covid- business and create momentum for devel- Therefore, in my opinion, in the time to
19 first affected production and business, opment, the Ministry of Planning and Invest- come there should be a focus on three main
enterprises and entrepreneurs raised their ment sent proposals to the Party, the National groups of factors. Firstly, maintaining insti-
spirit of sharing and accompanied the Assembly, and the government with practical tutional reform to nurture entrepreneurship,
country in overcoming the difficulties. solutions to support businesses, and these the will to start a business, and innovation,
They have been self-reliant and adapted will be implemented in the Economic Recov- and to ensure peace of mind for long-term
to the circumstances to maintain produc- ery and Economic Development Program investment in production and business.
tion and employment. for the 2022-2023 period, which will focus Secondly, completing policies to develop
In places where the pandemic had a on three groups of solutions. the private sector into an important driving
lesser impact, businesses quickly stabilized Firstly, effectively implementing policies force of the economy in the new period of
production and applied digital solutions and solutions to increase liquidity for busi- development.
and technologies to expand markets, espe- nesses, such as continuing the policy of Thirdly, continuing to strongly reform
cially the domestic market, and quickly extending and delaying tax payments, cut- the State economy and State-owned enter-
grasped new opportunities. ting taxes and fees, reducing costs incurred prises in order to create a playing field for
It was pleasing that Vietnamese enter- by businesses, and subsidizing interest the private sector. %

www.en.vneconomy.vn FEBRUARY 2022 | VIETNAM ECONOMIC TIMES | 3