On the afternoon of July 20, the Government Electronic Information Portal held a seminar on "Flexible management of monetary policy and growth targets in the new context".
Mr. Dau Anh Tuan, Head of Legal Department of VCCI
Businesses still find it difficult to borrow cheap capital
Assessing the Government's shift in monetary policy from "tight and firm" to "flexible and loose", Mr. Dau Anh Tuan, Deputy General Secretary and Head of the Legal Department (VCCI), said that this is very suitable for the current needs of businesses.
Mr. Tuan likened businesses to fields that are suffering from drought and the Government is trying to create water sources to irrigate these fields. "Business activities need capital, capital for businesses is like farming needs water. When there is a lack of water, it is clear that agriculture cannot develop, just like businesses that lack capital will certainly encounter difficulties," Mr. Tuan said.
According to him, throughout 2022, capital flows for businesses will be very difficult, especially when capital flows from bonds are difficult. Orders will decrease, and bank loans will have very high interest rates...
"Currently, many businesses say that it is still very difficult to borrow cheap capital. Therefore, these policies must be put into practice quickly, so that businesses can borrow capital at reasonable interest rates, promoting production and business activities," Mr. Tuan said.
Notably, the Head of the VCCI Legal Department also said that many businesses are suffering because of delayed value-added tax (VAT) refunds.
"There is a domestic manufacturing enterprise with products exported to nearly 100 markets in the world that sent a whole set of documents to VCCI saying that they are very miserable because of the delay in VAT refund. The tax refund is problematic because the tax department thinks that a business in the chain of this enterprise has moved its headquarters or the headquarters is unclear, so they are put under review and must be verified instead of refunding first and checking later like before," said Mr. Tuan, adding that the verification process can take many months and it is not known when it can be completed.
Guests attending the discussion
The export scale of this enterprise is 460 billion VND per month, but currently production activities have to stagnate, because the more exports, the more capital is stuck, up to hundreds of billions of VND, causing huge losses for the enterprise.
Mr. Phan Duc Hieu, member of the National Assembly's Economic Committee, also informed that businesses are concerned that some drafts may increase their financial costs, such as increasing special consumption tax.
Overcoming the situation of "having money but not being able to spend it"
According to economist Can Van Luc, reducing bank interest rates is only one part, the important thing is to increase the capital absorption capacity of the economy and enterprises. Accordingly, it is necessary to resolve the current stagnation of the administrative apparatus, remove obstacles in administrative procedures, and create favorable conditions for enterprises to borrow capital.
Mr. Luc also said that it is necessary to open up other capital channels, including capital from corporate bonds. On the other hand, it is also impossible to reduce interest rates too much, because currently capital flows have gradually shifted from bank savings to financial investment channels such as stocks; therefore, it is necessary to harmonize capital flows, ensure capital for production, and not focus on financial investment channels.
Economist Can Van Luc
Dr. Vo Tri Thanh, Director of the Institute for Brand Development and Competitiveness Research, believes that the problem that needs to be solved now is to overcome the situation of "having money but not being able to spend it". The Prime Minister has directed that 95% of public investment capital out of the total VND711,000 billion in 2023 must be disbursed.
According to him, interest rates can be further reduced from now until the end of the year, but the principle is not to let money be easy. The targets to ensure are inflation not exceeding 4.5% as requested by the National Assembly; ensuring the exchange rate. In particular, it is necessary to control the flow of money, especially money going into risky areas such as real estate and securities.
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