Speaking at the Vietnam Socio-Economic Forum on the afternoon of September 19, Dr. Nguyen Dinh Cung assessed that 2023 is a year full of difficulties and challenges. Although the macro economy is stable, the economy still reveals many structural weaknesses.
Dr. Nguyen Dinh Cung pointed out 3 structural weaknesses of the economy.
The first is a fragmented economy: foreign investment, private sector and state-owned enterprises, but not linked, not forming a unified economy.
Second, the open economy and low level of integration of domestic private enterprises do not take advantage of international economic integration, nor do they contribute better to national growth and prosperity.
Third, economic institutions are no longer suitable for mobilizing and using resources effectively to create a growth breakthrough. Mr. Cung cited the National Assembly continuously having to issue special institutions for localities and localities increasingly wanting this, then piloting specific policies for important national projects. "This is the weakest point of the Vietnamese economy," Mr. Cung stated.
The question is how to mobilize the internal resources of the enterprise? According to Dr. Nguyen Dinh Cung, in times of crisis, enterprises must always prioritize survival and overcoming difficulties through restructuring and cost reduction.
“Necessity is the mother of invention,” many businesses have seized opportunities, but the State needs to support businesses to overcome difficulties and succeed. Specifically, Mr. Cung said that it is necessary to stabilize the macro economy; reform and improve the business environment, create maximum convenience, and reduce compliance costs.
On the other hand, it is necessary to help businesses reduce costs such as reducing interest rates, fees, taxes, and tax exemptions to help businesses reduce costs, and on the other hand, increase consumer demand. These solutions have been and are being implemented, but the problem is that they must be implemented consistently, strongly, and at a higher level to compensate for the difficulties of businesses.
Dr. Nguyen Dinh CungAccording to Mr. Cung, Vietnam's economy is highly open, but in reality the integration process has slowed down somewhat, and there may be disruptions and changes in direction. Developed countries are changing their thinking, consolidating their foundations, increasing their self-reliance, and thereby changing the supply chain.
In addition, new trends in green growth, digital transformation, circular economy, etc. have become standards and norms for production and consumption. Therefore, to maintain export growth, domestic enterprises must change.
Deputy Minister of Planning and Investment Tran Quoc Phuong (right) at the discussion session
According to Dr. Nguyen Dinh Cung, we cannot continue to rely on low-cost advantages but must invest in innovation of technology, production processes, and conversion to greener, circular production and emission reduction.
It is necessary to diversify the market, create a business environment that is most favorable for export, encourage innovation, and apply science and technology. Innovation must become an endogenous driving force of enterprises, so that enterprises are truly motivated to innovate.
Regarding specific support policies for businesses, Deputy Minister of Planning and Investment Tran Quoc Phuong said that Resolution 43 issued by the National Assembly has been actively promoted, focusing on fiscal and monetary policies, other policies; social security policies; and infrastructure investment.
Policies to adjust debt, extend debt repayment time, and fiscal policies are also applied quickly and easily into life, such as reducing the time to pay taxes and fees, extending and postponing taxes and fees, etc., thereby creating cash flow for businesses.
In addition, other policies such as social security and job creation also help businesses retain workers; along with that, large-scale infrastructure investment policies create new development space and promote investment.
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