Vietnam Business Forum: Businesses offer recommendations on reviving economy post-pandemic
Various recommendations have been put forward at the Vietnam Business Forum (VBF) 2022 to revive and sustainably develop the economy in the face of adverse impacts from the COVID-19.
A view of the high-level session of the Vietnam Business Forum (VBF) 2022 in Hanoi on February 21. (Photo: VNA)
Hanoi (VNA) – Various recommendations have been put forward at the Vietnam Business Forum (VBF) 2022 to revive and sustainably develop the economy in the face of adverse impacts from the COVID-19.
Themed “Restoring the economy and developing supply chain in the new normal,” the VBF was co-hosted by the Vietnam Chamber of Commerce and Industry (VCCI), Ministry of Planning and Investment, World Bank (WB), and International Finance Corporation (IFC) in Hanoi on February 21.
In his remarks at the event, VCCI Chairman Pham Tan Cong cited results of a survey that showed the COVID-19 pandemic had taken a toll on up to 93.9 percent of enterprises in Vietnam last year. Firms in all sectors have experienced difficulties caused by COVID-19, most notably challenges in accessing customers, cash flow imbalance, labour shortage, and supply chain disruption, according to the VCCI survey.
The number of newly-established enterprises and those re-entering the market was down 10.7 percent compared to the previous year to nearly 160,000 in 2021, data from the General Statistics Office shows. Meanwhile, up to 119,800 firms were dissolved, up 17.8 percent year-on-year.
Prime Minister Pham Minh Chinh (centre) attends the high-level session of the Vietnam Businees Forum 2022. (Photo: VNA)
2022 is likely to be another challenging year for the economy. To fulfil this year’s goals and successfully implement the Government’s tasks and solutions, the business communities came up with ten recommendations. They suggest the Government, ministries and local administrations to continue facilitating access to information relating to supporting policies and regulations for enterprises and providing them with help to gain easier access to funding to recover production.
They also urge for simplified exit and entry rules to facilitate travel of workers and experts and effective implementation of supporting programmes offering training for people left jobless by COVID-19.
They want to receive support to accelerate application of information technology in accessing public administrative services and make full use of preferential tariffs from free trade agreements.
The business community show interest in developing digital economy, deemed as the growth engine of the economy; and call on ministries and local administrations to boost the development of the domestic market, strengthen the linkages between business and industry associations to reduce the independence on imported products, and accelerate public administration reforms./.
The National Assembly (NA) Standing Committee on December 30, 2021 issued a resolution allowing the implementation of a number of mechanisms and policies in the healthcare sector serving COVID-19 prevention and control activities, including the management of drug and drug ingredients.
Minister of Labour, Invalids and Social Affairs Dao Ngoc Dung has said that the socio-economic recovery programme set out by the Party and State is reachable if social welfare and safety of people are ensured.
The Government has issued a resolution on socio-economic recovery and development programme, and the implementation of the National Assembly’s resolution on fiscal and financial policies in support of the programme.
Prime Minister Pham Minh Chinh on February 12 signed a dispatch urging the drastic and effective implementation of the socio-economic recovery and development programme as well as the acceleration of the disbursement of public investment.
Party General Secretary To Lam’s upcoming state visit to the Republic of Korea (RoK) is expected to mark a new milestone in the bilateral relationship, creating fresh momentum for trade and investment cooperation between the two countries.
In the context of the growing global digital economy, digital transformation and the promotion of e-commerce are key drivers helping Vietnam boost integration, enhance competitiveness, and expand export markets, according to the Vietnam E-commerce and Digital Economy Agency
Tilapia is considered highly competitive in export markets thanks to its affordability, ease of processing, and appeal across both high-end and mass-market segments.
In the first seven months of the year, Phu Tho attracted an impressive 651.7 million USD in foreign direct investment, including 35 newly licensed projects totaling 119 million USD in registered capital and 45 existing projects with an additional capital of 533 million USD.
Under the agreements, VinEnergo will invest in, install, and operate 43 MWp of rooftop solar power capacity and 45 MWh of BESS capacity across the three plants.
Under a draft to amend and supplement the Government's Decree 125/2020/ND-CP on administrative sanctions for violations of tax and invoice regulations, the Ministry of Finance has proposed classifying the failure to issue invoices into five different levels. Infraction levels will correspond to fines of 1 million VND to 80 million VND, depending on the nature and number of invoicing violations.
A new airline developed and invested by Sun Group — has officially announced a strategic partnership with Amadeus IT Group (Amadeus), one of the world’s leading travel technology companies. This agreement not only lays the foundation for a modern digital infrastructure but also marks a pivotal step in SPA’s global expansion strategy, enabling the airline to access international distribution networks and reach customers worldwide.
Of the total, 107,700 were new firms, with combined registered capital of 928.4 trillion VND (35.4 billion USD), up 10.6% in number and 5.5% in capital compared with the same period last year.
Experts agree that a combination of technology, enforcement, education and cross-border cooperation is essential to protect copyrighted content in Vietnam’s growing digital ecosystem.
Poland is Vietnam’s largest export market in Central and Eastern Europe, with key staples including seafood, textiles, footwear, coffee, and cashew nuts.
Cashless payments are growing at an impressive rate, averaging 30–40% annually. Vietnam’s per capita cashless transaction volume now trails only China, with total value of 295.2 quadrillion VND (11.26 trillion USD), or 26 times of its GDP.
A draft resolution on piloting a digital asset and cryptocurrency market is being developed, aiming to create a broad-enough regulatory sandbox that enables investor participation and provides practical grounds for policy refinement in areas such as risk management and anti-money laundering.
Viettel was ranked third for overall mobile performance with a score of 82.56 just behind UEA’s e& (88.05) and Quatar’s Ooredoo (87.05) and ahead of Singapore’s Singtel (82.53). Vinaphone took second in 5G speed with a score of 78.11, trailing only behind e&.
PM Chinh proposed MUFG work closely with the Ministry of Finance to improve legal frameworks and support the establishment and operation of the international financial centre in Da Nang and Ho Chi Minh City.
A view of the high-level session of the Vietnam Business Forum (VBF) 2022 in Hanoi on February 21. (Photo: VNA) 
Prime Minister Pham Minh Chinh (centre) attends the high-level session of the Vietnam Businees Forum 2022. (Photo: VNA)
