Policy forum targets SMEs affected by COVID-19

ABO/NDO - The Vietnam Chamber of Commerce and Industry (VCCI), in cooperation with the UN Development Programme (UNDP), organised a policy forum entitled “Supporting small and medium enterprises impacted by COVID-19: Narrowing the gap from policy to implementation” 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 as well as each sector in particular, Chairman Loc said.

Policy forum targets SMEs affected by COVID-19 (Photo: thanhtra.com.vn).

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 Department Dau Anh Tuan said it is estimated that the pandemic may result in 2020 revenue from private firms fall by 72 percent year-on-year and from foreign-invested firms by 69 percent.
With up to 95 business support documents introduced from the central to local level, affected enterprises and individuals 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 aspects in establishing the foundations to help enterprises overcome the difficulties caused by the pandemic.
The pandemic has also provided a chance for domestic firms to recognise the superior nature of the digital economy and the urgent need for digital transformation, he added.

(Source: NDO)