On February 21, 2022, in Hanoi, the High-level Session of Vietnam Business Forum (VBF) 2021 was organized with the presence of H.E. Prime Minister Pham Minh Chinh.
H.E. Prime Minister Pham Minh Chinh speaks at the Forum
The Forum was also attended by Deputy Governor Pham Thanh Ha of the State Bank of Vietnam (SBV), representatives from the Ministry of Planning and Investment, as well as other relevant ministries and state agencies, international institutions, enterprises, etc.
The theme of VBF 2021 was "Restoring the economy and developing supply chain in the new normal", and the discussion of the participants in this Session focused on the contributions and the role of the business community in the economic recovery, as well as the measures to help domestic and foreign businesses to reposition themselves in the supply chain.
Speaking at the Session, H.E. Prime Minister Pham Minh Chinh mentioned that despite the unprecedented challenges and difficulties caused by the COVID-19 pandemic, the Government of Vietnam had promptly promulgated many policies, including Decree No.128/NQ-CP, in order to flexibly and safely respond and adapt to the new normal situation. The Prime Minister also emphasized that, in 2022, the Government of Vietnam would further promote the solidarity and support to prevent and control the COVID-19 pandemic, ensuring safe and flexible adaptation, together with the economic recovery in order to achieve the GDP growth target of 6 to 6.5% in 2022, focusing on the following: (i) COVID-19 prevention and control, (ii) social security, (iii) supporting people in need and disadvantaged people, (iv) supporting enterprises through measures of reducing taxes, fees, utility expenses, etc., (v) labor market development, (vi) development of basic infrastructure, digital economy, climate change response, etc., with a people- and enterprise-centered approach. On behalf of the Government and the people of Vietnam, the Prime Minister expressed his deep gratitude for the contributions and support of the foreign donors and the foreign business communities, who had shared the difficulties with the Government of Vietnam amid the COVID-19 pandemic.
Deputy Governor Pham Thanh Ha attended the Session
The participants also discussed many other matters, including Vietnam’s commitments at COP26, the green economy, clean energy, digital economy, and the Government’s policies to support the businesses’ recovery in the post-COVID period, especially in the fields of investment and trade, heathcare, education, employment, transport, information and communications, science and technology, finance, banking, etc.
An overview of the Session
Regarding the field of finance and banking, the Chair of the Capital Markets Working Group, representing the Capital Markets Working Group and the Banking Working Group, made a speech at the Session, in which he mentioned positive assessments about the macroeconomic situation and the SBV’s monetary policy management. The two Working Groups came up with some recommendations for the Government of Vietnam and the relevant ministries, including several recommendations related to the banking sector, for example: new provisions to support the COVID-affected businesses, value-added tax (VAT) arrears, credit growth and credit room expansion; green finance as a prerequisite for sustainable development; digital transformation of the financial and banking industry in the process of economic recovery.
The High-level Session of Vietnam Business Forum (VBF) 2021 offered a great opportunity for the policy dialogue between the Government of Vietnam and the domestic and foreign business communities in order to promote and improve the business environment in Vietnam, attract more private investment in the context of adverse effects of the COVID-19 pandemic.
Le Hang