Prime Minister Nguyen Xuan Phuc on April 13 called for more efforts to be made in an attempt to keep the economy on track as the novel coronavirus (COVID-19) begins to take a toll on all aspects of life.

Prime Minister Nguyen Xuan Phuc wants to listen to business aspirations

In addition to protecting people’s health, it must be the government’s priority to safeguard the nation’s production workforce, particularly businesses, to ensure the national economy does not collapse due to the COVID-19, the PM stated during a meeting with several key ministries and agencies. 

PM Phuc pointed out that the epidemic have caused an enormous impact on the business community, with those operating in tourism, transport, and catering services being the hardest hit. This not only includes big business groups and state-owned enterprises, but also private firms, co-operatives, along with small-and medium-sized enterprises who have suffered as a result of the epidemic. 

The economy will be unable to bounce back following the epidemic unless businesses that play an important role in spurring economic growth and job creation receive suitable assistance in a timely manner, he said.

The PM suggested hosting a meeting between businesses with the aim of listening to their desires and expectations as a means of overcoming shortcomings and facilitating production activities. 

There have been a number of measures introduced to assist firms, but we have to listen to them in order to find out if the steps match their expectations, the PM noted. 

Indeed, all hurdles that hamper business production and growth, most notably cumbersome administrative procedures, red-tape, and bureaucracy, must be immediately removed so it can become easier for firms to enjoy fresh investment inflows.

The government has already approved a VND62 trillion social welfare package in an effort to support those most vulnerable to the coronavirus, including enterprises that have been forced to temporarily suspend operations and lay off large numbers of workers. 

Furthermore, a VND285 trillion relief package to help businesses affected by the ongoing coronavirus epidemic has also been approved, whilst another VND180 trillion package relating to tax cuts or a tax delay remains in the pipeline.  

Despite this, a number of enterprises are finding it challenging to access credit packages to maintain operations as they do not have collateral, with some even unable to prove losses and cash flow to pay debts.