PM urges continued support for enterprises in 2024’s remaining months

The dispatch stated that after nearly 40 years of renewal and development, Vietnam has had large enterprises capable of competing globally. In the context of significant changes in the global political and economic landscape, along with new protectionism trends linked to new technical and trade requirements, Vietnam needs policies to develop leading enterprises that can create new momentum for the economy, thus contributing to improving productivity and promoting innovation in key economic sectors as well as emerging industries.

By the end of 2024 and in the following years, Vietnam's economy is forecast to still face many challenges, with enterprises, particularly in the private sector, continuing to encounter difficulties.

Therefore, ministries, sectors, and localities need to maintain drastic and prompt direction and management with a focus on placing people and businesses at the centre, and ensuring consistency between policies and their implementation, so as to strengthen confidence, improve people’s lives, and enhance the capacity of enterprises, it noted.

The Government leader asked ministries, agencies and localities to create a favourable environment for the development of businesses, and encourage large enterprises to support small- and medium-sized ones to create the domestic value chain and develop supporting industries.

Support policies need to be practical and effective to help businesses compete fairly and efficiently across sectors, Chinh said, asking for a strong push for decentralisation and delegation of authority, coupled with increased accountability of agencies and units, and reduction of unnecessary and inappropriate administrative procedures and permits that raise compliance costs.

He called for the enhancement of public-private partnership mechanisms while exploring breakthrough initiatives to transition the economy towards a green one through developing renewable energy, creating green industrial and service clusters, and producing competitive green hydrogen and ammonia.

The PM requested the Ministry of Finance to research and build appropriate tax policies to support sustainable development of enterprises, continue to effectively implement existing tax reduction and extension policies, and speed up the process of value-added tax refunds for businesses in accordance with legal regulations.

The Ministry of Planning and Investment was tasked with researching and perfecting institutions, policies and mechanisms for the rapid, comprehensive, and sustainable development of enterprises, particularly those that encourage innovation and leverage their internal strengths. Meanwhile, the Ministry of Information and Communications was urged to study and perfect the Government’s draft resolution on digital transformation, and coordinate with the Ministry of Science and Technology to establish a management mechanism for artificial intelligence (AI) in Vietnam.

The Ministry of Industry and Trade was required to step up trade promotion support to diversify production and supply chain markets, while the Ministry of Natural Resources and Environment was tasked with researching and developing mechanisms and policies for resource circularity to promote green transformation, circular economy, environmental protection, and carbon reduction.

The Government leader also urged the State Bank of Vietnam to take the lead and coordinate with relevant agencies to solve difficulties and obstacles, and effectively implementing the 140-trillion-VND (5.6 billion USD) credit package for social housing loans, as well as preferential credit programmes for the forestry and fisheries sectors.