Solutions adopted to help businesses get new contracts

In the first five months of the year, Vietnam’s exports totaled an estimated 156.5 billion USD, up 15%. The number of new businesses and businesses resuming operation increased 10.6% over the same period last year. Experts say, however, that production and business are still struggling. The Government, ministries, and localities are implementing policies to help businesses take advantage of free trade agreements.

There are 98,800 businesses that are new or returning to the market, while 97,300 businesses closed in the past five months, said Deputy Minister of Planning and Investment Tran Quoc Phuong.

“The Prime Minister has called for three specific solutions: First, remove obstacles, particularly administrative ones, for businesses and make it easier for enterprises to enter the market and operate smoothly. Second, improve fiscal and monetary policies, maintain stable interest rates, and increase access to credit, tax reductions,  and tax deferments to increase cash flow. Third, help businesses obtain new orders,” according to Phuong. 

From January to the end of May, export turnover growth was in double digits and there was an export surplus. This success is partly due to businesses’ exploitation of FTAs. The Ministry of Industry and Trade has promoted FTA incentives to businesses and coordinated with provinces and cities to organize seminars to help businesses take advantage of export opportunities.

Deputy Minister of Industry and Trade Nguyen Sinh Nhat Tan said: “We need to take full advantage of FTAs in traditional markets. We also need to find new markets and diversify exports to traditional markets.”

The Ministry of Industry and Trade said it will work with associations and big exporters to gain more contracts and boost production.

Source: VOV World