The policy establishes standards that have nothing to do with company operations

DNHN - At the Economic Forum 2022, Assoc. Prof. Dr Nguyen Truc Le, Rector of the University of Economics, Vietnam National University, Hanoi, expressed his views. According to him, in certain circumstances, legal papers are ambiguous, lack precise advice, or have too many overlapping guiding documents, and the legal documents have not been updated regularly to socioeconomic development realities. Many legal papers are slow to update, making corporate operations challenging.

According to Ms Ha Thu Thanh, following the pandemic, Vietnamese enterprises faced numerous challenges, including a lack of working capital, high input costs for production, and a decline in the number and profits of goods due to tight spending and a labour shortage...

Ms Ha Thu Thanh stated that it is necessary to improve financial stability and liquidity to help businesses avoid insolvency due to profit decline, support businesses to maintain operations and adapt through improving operational flexibility to help businesses increase productivity, support workers to maintain jobs and adaptability, and facilitate restructuring procedures to reduce t

Deloitte Vietnam's Chairman of the Board of Directors advocated the government the establishment of a framework for environmentally pioneering firms, including institutions connected to priority, tax and land incentives for manufacturing plants, and the promotion of the circular economy. Simultaneously, provide a framework for corporate sustainability reporting for the financial market to enhance awareness and capability of listed firms in releasing information on ESG initiatives.

Meanwhile, Assoc. Prof. Dr Nguyen Truc Le, Rector of the University of Economics, Vietnam National University, Hanoi, emphasized that Vietnam's policies in the future must ensure the rationality and multi-dimensional balance of business, social, and environmental factors, as well as the short and long term. At the same time, modifications must be made in the medium and long term to build policies based on the idea of targeted intervention; do not adopt policies of mass support or intervention. Policies should specify the application period to provide flexibility; the focus should be given to assisting industry groupings in the areas of producing economic support and having a large effect on other sectors.

Assoc. Prof. Dr Nguyen Truc Le, Rector of Vietnam National University's University of Economics, Hanoi

According to Assoc. Prof. Dr Nguyen Truc Le, Rector of the University of Economics, Vietnam National University, Hanoi, processes and policies have been authorized by the Party and Government to assist the group of firms in recovering production and business during the epidemic. In recent years, the state has consistently and rapidly executed it.

As of August 2022, the government, ministries, and agencies were actively working to create and publish 15/17 documents that concretized policies outlined in Resolution No. 11/NQ-CP on the rehabilitation program. Socioeconomic recovery and development, as well as the execution of National Assembly Resolution No. 43/2022/QH15 on fiscal and monetary measures to support the program. Mechanisms and policies to promote the recovery of companies, cooperatives, and business households have made a substantial contribution to assuring the upward trend of domestic production and business activity, providing supplies for internal consumption and export.

Furthermore, the Vietnamese government has enacted supporting measures such as decreasing financial commitments, improving access to financing, and safeguarding firms' capacity to sustain production. Tax incentives are always addressed first in economic reaction and recovery plans due to their direct and immediate influence across policy groupings. According to Assoc. Prof. Dr Nguyen Truc Le, the policies are primarily focused on fiscal policies, in which the government decides expenditure on development investment, tax exemption and reduction, land rent, fees, charges, and 2% interest rate assistance as fundamental solutions. The software has achieved some positive outcomes as a result of solution synchronization, but there are still certain limits.

According to Assoc. Prof. Dr Nguyen Truc Le, policies in some cases set out criteria that are not relevant to business activities; in some cases, legal documents when promulgated are still vague, lack specific guidance, or have too many overlapping guiding documents; and legal documents have not been updated regularly per actual socioeconomic development. Many legal papers are slow to update, making corporate operations challenging.

At the Forum, experts also stated that in the volatile international context, with the openness of the large economy, it is critical to maintain and strengthen the macroeconomic foundation and improve resilience, the self-reliance of the economy, promotion, recovery, and socio-economic development, in which improving enterprise competitiveness is an important goal that should be planned and implemented as a top priority policy.

Thanh Ha