Vietnamese businesses seek preferential loans and product promotion support

Businesses are seeking preferential loans, legal assistance, and product promotion support from the government.

Vietnamese businesses seek preferential loans and product promotion support

An event was yesterday held at the Southern Branch of the Vietnam News Agency's International Cooperation Building in District 3’s Vo Thi Sau Ward in Ho Chi Minh City) to promote Vietnamese products to domestic and foreign consumers.

The event was organized by the Saigon Science and Technology Development Institute, Tam Giao Business Community, and Ho Chi Minh City Media Services Center in collaboration with the Vietnam News Agency.

Addressing the event, Lawyer Nguyen Thi Kim Oanh, Managing Director of Nguyen Law Firm, observed that there are an increasing number of trade disputes as Vietnamese businesses have been expanding their business with international partners.

Therefore, Lawyer Nguyen Thi Kim Oanh suggested that businesses should have a legal department with legal expertise to support businesses when necessary. Businesses can also seek help from reputable law firms to receive legal assistance.

Attending the event, Director Nguyen Thi Thu of Nhu Y Chau Trading Company specializing in the production and trading of ginseng products and health supplements, said that Ho Chi Minh City is the main market, consuming all specialized products of the business.

She revealed that the company brand has been on the market for over 6 years and company leaders truly want to promote it strongly to domestic and international consumers. However, with limited resources, the company is looking forward to supporting policies from responsible departments and agencies so that businesses are capable of competing directly with imported products in the local market, Ms. Nguyen Thi Thu suggested.

According to Associate Professor Tran Luan Kim, the potential and strength of Ho Chi Minh City is enormous as it joins the whole country in overcoming many difficulties and challenges; gradually contributing to achieving the socio-economic development goals of Ho Chi Minh City in particular and Vietnam in general. Moreover, the southern metropolis has contributed over 20 percent of the total state budget of the country.

However, according to Associate Professor Tran Luan Kim, businesses need to unite, join hands, and support each other to overcome challenges in order to develop. In addition, agencies and ministries need to join hands and make efforts for businesses, taking care of the common development of the business community in Ho Chi Minh City in particular and Vietnam in general, towards sustainable development.

With the same opinions, a leader of the Saigon Science and Technology Development Institute assessed that businesses do not dare to make a breakthrough as they still have many concerns related to policy barriers, preferential loan sources, and tax rates.

Statistics from the Department of Business Registration Management under the Ministry of Planning and Investment show that in the first five months of 2024, roughly 98,825 businesses have been entering and re-entering the market, an increase of 4.1 percent compared to the same period in 2023 and 1.2 times the average level of the 2019-2023 period with some 83,109 businesses.

In the same period, a total of 97,299 businesses withdrew from the market.

Accordingly, the number of businesses entering and re-entering the market was higher than the total number of businesses withdrawing from the market in the past 5 months. The registered capital in the past five months reached VND601,220 billion (US$23,471,376,659), an increase of 5.7 percent compared to the same period in 2023.

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