Gov’t support needed for economic recovery: business leader

Government support policies are urgently needed for businesses affected by the COVID-19 pandemic in order to protect the national economy and people’s livelihoods, according to a business leader.

gov’t support needed for economic recovery: business leader hinh 0
Chairman of the Vietnam Chamber of Commerce and Industry (VCCI) Vu Tien Loc  (Photo: VNA)

In an interview granted to the Vietnam News Agency, Chairman of the Vietnam Chamber of Commerce and Industry (VCCI) Vu Tien Loc said Vietnam has a chance to step out of the downturn caused by the pandemic earlier than other economies.

Despite budget difficulties, the Government has put in place solutions and policies on fiscal, credit and social security to support businesses and people amid the impacts of the pandemic, he stressed.

Loc underlined the importance of gradually resuming activities in the domestic market through stimulating demand and circulation of goods given that exports are yet to recover.

Nearly 800,000 businesses and millions of business households and individuals are being affected by the disease, Loc said, adding that many businesses have closed, dissolved or scaled down production.

 According to Loc, millions of workers are at risk of losing their jobs.

 The re-opening of the domestic market is an urgent need as well as a big opportunity for Vietnam to recover its economy, he said.

 He urged the Government to repromote the “Vietnamese people give priority to using Vietnamese goods” campaign, thus helping the business community to tap into the domestic market of nearly 100 million people.

 Loc also proposed the Government establish a steering committee and working group to re-start the national economy and support the business community.

VNA