Voucher is a way to reduce personal income tax

Presenting at the meeting of the Government Standing Committee with enterprises on October 4, Ms. Huynh Bich Ngoc, Permanent Vice President and General Director of TTC Group, acknowledged that the construction of an international financial center will support the diversified development of Vietnam's capital market, contributing a large proportion of sustainable capital sources in addition to the monetary market; contributing to promoting the development of the private economy , enhancing Vietnam's position.

These are the advantages that can completely build and develop into a regional financial center, attract large investors and contribute to the sustainable development of the capital market.

Ms. Ngoc also informed that some countries in the region such as Thailand, Malaysia, and the Philippines have chosen cash support programs for consumers, or Singapore has provided shopping vouchers with similar financial support programs.

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Ms. Huynh Bich Ngoc, Permanent Vice President of TTC Group. Photo: VGP/Nhat Bac

For Vietnam, according to Ms. Ngoc, should we consider providing shopping vouchers to people, to be used within a certain period of time?

These vouchers focus on balancing the items that need to be stimulated and the actual needs of the people. Thus, goods and services are circulated, the State collects budget, the logistics ecosystem and accompanying services are developed... will add to the personal income tax reduction policies, because the voucher itself is a way to reduce personal income tax.

Meanwhile, in the current retail market, Ms. Nguyen Thi Phuong, General Director of WinCommerce General Trading Services Joint Stock Company - a member of Masan Group, said that it is facing a number of significant challenges.

Specifically, Vietnamese retail enterprises are facing challenges and great pressure on market share in the context of international economic integration and increased competition from FDI retail chains and cross-border e-commerce models with advantages in low prices, express delivery, warehouse systems, logistics, etc.

These pose a problem for retail businesses in general and Masan Group - WinCommerce in particular in implementing strategic action plans, long-term vision, constant innovation and creativity to anticipate consumer needs and grasp industry trends to take advantage and create competitive value.

According to Ms. Phuong, the Prime Minister promptly issued Decision No. 1163/QD-TTG to set out 9 groups of tasks and solutions for each stage to promote the development of the retail industry, by 2030, the proportion of total retail sales of goods in domestic economic sectors will reach about 85%; total retail sales of goods and service revenue at modern retail establishments will reach 42% of total retail sales of goods and consumer service revenue of the whole economy.

Enterprises wish to participate in strategic solutions to achieve common goals: developing modern trade, sustainable growth, creating a solid foundation for deeper integration into the regional and world economy.

Need a fulcrum for foreign investment

Major General Tao Duc Thang, Chairman and General Director of the Military Industry and Telecommunications Group (Viettel), said that since Viettel launched its mobile network in 2004, only 2 years later, in 2006, it invested abroad. Although it was a new field with little experience, Viettel boldly invested in Laos and Cambodia, from which it learned from experience to expand to other countries in Africa and Latin America.

Up to now, after 18 years, Viettel has become a major telecommunications investor in the world, with a brand value of nearly 9 billion USD, ranking 17th in the world and the number 1 telecommunications brand value in Southeast Asia.

In addition to economic efficiency, Viettel also identifies overseas investment as closely linked to political, cultural, social, national security and defense tasks, thereby helping to promote cultural diplomacy, national defense diplomacy, and spreading the image of the country, people, and achievements of Vietnam internationally.

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Viettel's projects in Africa are showing impressive growth. Photo: Viettel Global

To have a foothold when investing abroad, especially in countries where we do not have embassies or investment protection, Mr. Thang suggested that it is necessary to have a strategy or resolution on this field so that businesses can confidently go abroad.

In addition, it is necessary to enhance the role of economic diplomacy to support Vietnamese enterprises to invest abroad through business trips of Party, State, Government leaders or visits of foreign leaders and enterprises to Vietnam.

In addition, assign tasks to leading enterprises, with strengths in specific regions and areas, together with other Vietnamese enterprises to create a complete ecosystem in investing countries.

Meanwhile, Mr. Nguyen Van Than, Chairman of the Vietnam Association of Small and Medium Enterprises, commented that Vietnamese enterprises are fully capable of organizing, implementing and controlling large projects. The government can "set tasks" for large domestic enterprises, guarantee them direct loans and negotiate with foreign partners (to buy technology, hire experts, etc.).

On the one hand, it will greatly reduce costs from the participation of state agencies in all stages, on the other hand, it will increase efficiency and avoid risks for contractors.

Mr. Than also pointed out the challenge when Vietnam continues to implement a number of large projects such as high-speed railways or phase 2 of the expressway project is the need for huge capital.

The leaders of the Vietnam Association of Small and Medium Enterprises recommended that the Government and the Prime Minister consider and have a specific project on "Attracting capital from the people" to serve the two above-mentioned projects, possibly through the form of issuing government bonds with attractive interest rates to encourage people to participate.