Enterprises need to implement information transparency

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To Hoai Nam, Vice President and General Secretary of the Vietnam Association of Small and Medium Enterprises

How do you evaluate the support packages of the Government as well as ministries and sectors for the business community affected by the Covid-19 pandemic?

Not only the support packages but also the instructions on promoting and removing difficulties for the production and business activities of enterprises are important and urgent. In particular, support packages on interest rates, credit as well as support policies on taxes, fees, social insurance are consistent with the current situation, the economic context, and enterprises’ difficulties caused by the Covid-19 pandemic.

Especially, I appreciate the tax and fee support solutions provided by the Ministry of Finance. This is essential when most of the production and business sectors have suffered from the pandemic.

Tax freezing and tax reduction will help businesses reduce pressure on costs, law compliance and finance to focus resources on taking development opportunities to survive in this crisis.

Some enterprises have said that it is difficult for them to get support and the support is ineffective, what do you think about this issue?

In my opinion, there is insufficient basis for enterprises to say they face difficulties in approaching support packages on credit, taxes and fees. Because support policies are newly issued and many policies are unprecedented, so there will be a certain delay for performance. Moreover, many businesses complain of difficulties because of their habits. So it is not possible to confirm how difficult it is to access the support packages. It takes more time for enterprises to approach reality and understand the supporting policies to assess them accurately.

What should management agencies do to help enterprises understand and make use of support packages effectively?

The management agency should include announcement and commitments in each support policy for enterprises to understand. Thereby, they can know how they are supported, how much they are supported and which units they need to meet for assistance.

This means that State agencies and enforcement agencies must be transparent, impartial and proactive to provide information to enterprises, helping firms that are really struggling to be assisted fairly. When there are support resources, agencies should create conditions for enterprises to approach and quickly process administrative procedures for enterprises to quickly enjoy the support package. Perhaps in the new policies, there is still a certain "surprise", so enforcement agencies must be careful and promote all responsibilities to support enterprises to overcome difficulties due to the pandemic, helping revive the economy.

What should businesses do now?

Of course, in this difficult context, enterprises should study policies, seek support agencies on credit, insurance, tax for advice and support. Then, they must fully comply with regulations, implement information transparency, coordinate with agencies to implement support packages quickly and effectively.