Policy forum targets SMEs affected by COVID-19

The forum is organised by the VCCI and UNDP in Hanoi on December 8

In his opening remarks, VCCI Chairman Vu Tien Loc said the pandemic has seriously impacted production and business at Vietnamese enterprises.

As of late October, more than 70,000 enterprises, mainly small- and medium-sized enterprises (SMEs), had been forced to suspend operation or dissolve.

It is, therefore, time for the Government, ministries, localities, and the business community to look back on the impact of the pandemic on the economy in general and each sector in particular, Loc said.

Narrowing the gap from policy to implementation is a way to put forward recommendations and solutions to complete existing institutions and laws and to have more policies in accordance with the reality, thus meeting the aspirations of most businesses, he added.

Head of the VCCI’s Legal Affairs Department Dau Anh Tuan said it is estimated that the pandemic may result in 2020 revenues from private firms fall 72% year-on-year and from foreign-invested firms 69%.

With up to 95 business support documents introduced from the central to local level, affected enterprises and inpiduals have received timely assistance to overcome the difficulties.

However, Tuan suggested simplifying procedures to receive support and designing support packages in conformity with each sector and for each period, with the priority given to SMEs.

Director of the Business Development Institute Luong Minh Huan stressed the need to speed up economic institutional reform and simplify administrative procedures relating to business, as these are the most important foundations to help enterprises overcome the difficulties caused by the pandemic.

The pandemic is also a chance for domestic firms to recognise the superior nature of the digital economy and the urgent need for digital transformation, he added.