The sooner the resolution is carried out, the greater benefits that enterprises can enjoy. The business community is highly anticipating the supportive policies stated in the resolution, which is expected to exert a positive impact on socio-economic recovery and development.
Tran Duc Nghia, Director of logistics company Delta International, said if the trade union fee is cut from 2% to 1% under the resolution, his company could save a significant amount during this difficult period. Since the onset of COVID-19, the company has had to shrink, save every penny to pay debts and reduce its borrowing costs.
The company does not dare to expand its business because if it takes a risk at a time when the recovery trend is uncertain, it is highly likely that it would be unable pay its debts and go bankrupt.
Nghia also expected that interest rate cuts will also support liquidity for the business community. However, he noted that the procedures must be simple and accessible to avoid the fact that some stimulus packages failed to be disbursed due to strict requirements.
The businessman said lowering interest rates and union fees will have an impact on all enterprises, helping to ease their difficulties, while demonstrating the Government’s sharing and support.
Nguyen Van Quyen, Chairman of the Vietnam Automobile Transport Association, shared that the issuance of Resolution 105 is highly practical since businesses are facing many hurdles in terms of administrative procedures, especially in automobile manufacturing.
According to Phan Duc Hieu, a member of the National Assembly’s Economic Committee, enterprises’ resilience has been undermined since the COVID-19 pandemic and the prolonged difficulty has probably affected their business sentiment and spirit.
Therefore, the introduction of another resolution on measures to support businesses is the demonstration of the Government’s commitment to share the difficulty with enterprises, said Hieu, adding that the sooner the supportive policy is carried out, the greater the benefits that enterprises can enjoy.
The National Assembly deputy stated that in order to bring Resolution 105 to life, it is necessary to promptly issue relevant decisions and documents guiding the implementation of the tasks set out under the resolution.
Dr Nguyen Quoc Viet from the Vietnam Institute for Economic and Policy Research suggested controlling the introduction of the business conditions that cause difficulties for enterprises and increase their compliance costs.
He also underlined the need to review overlapping inspection, which needs to be restricted to prevent red tape, petty corruption, and rising input costs for business and production activities.
Resolution 105 also emphasises that it is now time to abolish barriers to business and the requirements that do not facilitate business and investment; ensure the right to do business and equality in accessing market resources, including land, energy and services. These are important measures to remove the bottlenecks and open more growth drivers.
For the resolution to produce its intended effect, it is necessary to make a general re-assessment of the support demands and policies by sector. In addition, measures are needed to supervise the implementation of the resolution so that it can meet the expectations, helping to regain the growth momentum post-coronavirus.
