Improving business environment is least costly solution to weather economic storm: PM

Improving the business environment is considered one of the most affordable solutions the government can do to support the business community and ensure economic resilience during and after the Covid-19 pandemic, Prime Minister Nguyen Xuan Phuc has stated.

Prime Minister Nguyen Xuan Phuc at the meeting. Source: VGP.

Government agencies should address the obsolete regulations and create the utmost support for enterprises to thrive, which in turn will create a new wave of investment inflows into Vietnam, PM Phuc said at a government meeting on April 13.

According to the PM, the Covid-19 pandemic is causing severe consequences to the business community, especially those operating in the fields of tourism, transportation, catering and hospitality services, among others.

Without government support, enterprises, one of the key driving forces for growth and job creation, would struggle to survive in this time of crisis, Phuc stressed.

Phuc said there would be a national online conference to review efficiency of the government's relief programs for the business community. This is also an opportunity for the government to listen to concerns of enterprises and business associations.

While the current top priority is to protect people's health, the second one is to prevent the collapse of key economic components, including enterprises.

PM Phuc stressed the importance of preparing for the case of economic disruption, stating maintaining jobs and growth are urgent tasks.

To date, the government has rolled out supporting programs such as a credit aid package worth VND300 trillion (US$12.87 billion), a VND180-trillion (US$7.63 billion) fiscal stimulus package in forms of delay of payment of value-added tax, corporate tax and income tax, and a financial support package for vulnerable people worth VND62 trillion (US$2.7 billion).