Planning and Investment Minister outlines solutions for economic recovery

During a Q&A session held by the National Assembly (NA) on November 11 regarding specific solutions and policies to accelerate economic recovery and development in the near future, Minister Dung put forward five major groups of solutions.

The first is to focus on opening up the local economy whilst implementing pandemic prevention and control measures according to the Government’s Resolution 128. The opening must be done safely under a proper roadmap in line with the anti-pandemic strategy, vaccinations, as well as a consistent supply of therapeutic drugs and medical equipment.

The second is to provide social welfare support whilst creating jobs for workers. This should be done along with boosting the local labour market and social housing development.

The third proposal is to support business recovery moving forward, including special resilience support in some sectors which have been heavily impacted by the pandemic.

The Ministry of Planning and Investment is therefore considering submitting plans to the NA and competent agencies for permission to extend, exempt, and reduce taxes and fees faced by businesses, as well as providing interest rate compensation for a number of firms in priority lending fields.

The fourth group is to develop infrastructure facilities, whilst encouraging public private partnership (PPP), promoting public investment in strategic infrastructure, and ensuring water source security and safety in lakes and dams.

The final solution group is to continue to reform institutions, administrative procedures, and business investment environment, whilst simultaneously adopting a policy relating to risk management associated with macroeconomic stability.

With regard to the goal of having 1.5 million enterprises operating effectively by 2025, Minister Dung said the Ministry of Planning and Investment has already readjusted this target based on the speed of business establishment. With favourable conditions in terms of the local investment environment and incentive mechanisms aimed at supporting enterprises, the target of 1.5 million effective enterprises by 2025 is one that is achievable.

However, in order to achieve this goal, the Government must strive to devise breakthrough solutions, with a specific focus on the implementation of the Law on Support for Small- and Medium-Sized Enterprises by implementing policies mentioned in the law in support of newly established enterprises.

Moreover, it remains necessary to create trust, thereby enabling entrepreneurs and businesses to invest in establishing new businesses and implementing schemes to support the transformation between enterprises and high-tech agriculture businesses, Minister Dung emphasized.