The Government and people of Vietnam have done an “outstanding job” in effectively containing the spread of the novel coronavirus (COVID-19), according to Virginia Foote, national chair of the AmCham Vietnam.
AmCham members are especially thankful that Vietnam’s leadership has taken serious and appropriate steps to mitigate the damage from this terrible virus, she said.
“In Vietnam, that feeling of security is coming back and it is something all of us are grateful,” the AmCham chair stressed.
Prime Minister Nguyen Xuan Phuc said the top priority of the Government during the pandemic is to protect people’s health and lives while the second most important task, as he said, is to protect businesses and prevent an economic collapses.
Foote welcomed the Government’s first steps t open business and economic activity and its announcements of stimulus and support packages applying to a list of industries greatly impacted by the COVID-19 outbreaks such passenger transport, tourism, accommodation, restaurants and some other fields.
She suggested some more business sectors that should be included on the list, namely beverage, furniture, footwear and apparel, and the Government should consider deferring some taxes and insurances beneficial to some and for small businesses loans.
The COVID-19 has also shown that more diversified global supply chains could be needed and this consideration could help Vietnam be seen as an attractive investment destination and create possibilities for new job growth here.
Foote expressed her belief that the Vietnamese Government’s effective response to the pandemic will also bolster Vietnam’s status as an attractive market for continued M&A activity.
“To be ready to take advantage of these opportunities, we hope for accelerated use of e-government, e-commerce, e-banking, fintech, modern cloud computing, and the overall reduction of paper and cash for all businesses,” Foote said.
In addition, foreign investment limitations, an overly restrictive legal framework of laws governing businesses, and burdensome administrative procedures should be carefully reviewed and selectively relaxed to encourage increased foreign investment and support economic recovery.
Another promising area that can accelerate economic recovery is continuing infrastructure development and approving long awaited investment projects. This is also an opportunities to focus on clean projects to improve waste management, recycling and addressing air quality concerns in Vietnam can be accelerating by the use of clean energy, clean vehicles, clean agriculture, and reducing the inefficiency and waste of energy. This can help build a stronger circular economy and will spur new job creation.
She affirmed the American business community stands with the Vietnamese people and we remain committed to partnering with Vietnamese authorities to support the community and ensure that business is not disrupted any more than necessary during this crisis and that new opportunities for the future are realized./.
By Quang Minh @ VGP