HUBA proposes 6 solutions to help businesses accelerate development

Today, the Ho Chi Minh City Union of Business Association (HUBA) proposed 6 solutions to help businesses accelerate development.
Mr. Nguyen Ngoc Hoa, HUBA Chairman speaks at the conference

Mr. Nguyen Ngoc Hoa, HUBA Chairman speaks at the conference

At HUBA's recent conference, Mr. Nguyen Ngoc Hoa, HUBA Chairman, said that in terms of monetary policy, the State Bank of Vietnam should have the policy to free up resources for businesses.

According to the Chairman, commercial banks should continue to implement the loan extension policy in one year in 2023 for medium and long-term loans as well as apply a 1-year grace period instead of compounding and repaying immediately in the following year.

Moreover, it is necessary to have a policy to lower loan interest rates to support businesses without many orders that had no choice but to lay off workers. More importantly, the State Bank needs to strengthen the inspection of banks in carrying out policies to support businesses with tough sanctions to violations until the end of 2023.

With the fiscal policy continuing to apply the value-added tax rate of 8 percent to all economic sectors, not just limited to a few industries as at present and the application of the 8-percent value-added tax rate should last until the end of 2024, as per Mr. Hoa.

Timely settlement of tax refunds for businesses should be done thoroughly, said Mr. Hoa. There have been different opinions about the policy to support the bond and real estate capital markets, but authorities need to develop a policy package to stabilize the real estate and corporate bond markets so as not to make the situation worse which will affect the city’s economy and social security.

Along with the above-mentioned solutions, also according to Mr. Hoa, it is necessary to accelerate the disbursement of public investment to support domestic enterprises to maintain operations and create jobs for workers. Plus, administrations should adopt solutions to stabilize the market to keep prices stable and stabilize people's lives as well as completely clear the backlog of documents for granting house-land titles, changing land use purposes, and construction completion procedures so that people and businesses can complete their legal rights to mortgage loans and put them into production and business.

Finally, the management mechanism should be free so that agricultural land can be used for the right purposes of agricultural development at all levels of technology from low to high. Currently, many peri-urban lands are abandoned as owners have been in a wait-to-see attitude awaiting an increased price, causing a waste of social wealth whereas those who want to use the land are prevented from being allowed to work on the development of crops and livestock on agricultural land.

The Ho Chi Minh City Union of Business Association's representative said that it will continue to strengthen trade and connection activities to expand the market for businesses to minimize the risk of businesses missing orders. In addition, the union will have opinions on legal documents of the city and central and policies related to the operation of enterprises.

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