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Sunday, September 20 2020
Tiếng Việt
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Date 15/05/2020-21:19:00 PM
Minister Nguyen Chi Dzung works with USAID Director in Vietnam to promote the implementation of cooperative activities to enhance the competitiveness of Vietnam's economy
(MPI) – On May 15, 2020, at the Head Office of the Ministry of Planning and Investment, Minister Nguyen Chi Dzung had met with the Director of the United States Agency for International Development (USAID) in Vietnam - Mr. Michael Greene to promote the implementation of cooperation activities to enhance the competitiveness of Vietnam's economy in accordance with the Limited-Scope Grant Agreement (LSGA) signed by the two sides on April 15, 2020.
Minister Nguyen Chi Dzung and Director Michael Greene at the meeting.Photo: MPI

Speaking at the meeting, Director Michael Greene thanked Minister Nguyen Chi Dzung for taking the time to welcome the delegation and shared his impression with the Government of Viet Nam's Covid-19 pandemic response measures as well as solutions and policies to support people and businesses affected by the Covid-19 pandemic not only in the present but alsoin the long termto survive after the outbreak.The cooperation objective between USAID and the Ministry of Planning and Investmentisto strengthen the competitiveness of Vietnam’s economy.Therefore,the two sides should continue with measures to support and assist small and medium-sized businesses which just got hit by the Covid-19 pandemic.

Director Michael Greene thanked and highly appreciated the efforts taken by the MPI’s officials under the guidance and direction of Minister Nguyen Chi Dzung for working closely with USAID to build and complete the limited scope grant agreement (LSGA) that the two sides signed online one month ago on April 15, 2020.The two sides have also been working closely in building a project to enhance Vietnam's private sector competitiveness (IPS-C), which is one of the two main contents of the Grant Agreement.

Speaking at the meeting, Minister Nguyen Chi Dzung said that Vietnam was highly evaluated by the international community and local people about its drastic, effective and cost-effective approach, organization and implementation of preventing the Covid-19 pandemic.Up to now, Vietnam has basically controlled the pandemic without cases of death, no infection in the community, and new cases from abroad being quarantined.This result has been achieved thanks to the proper and timely leadership and direction of the Party, the State and the entire political system, especially the obedience, support andsolidarity of the people as well as the superiority of Vietnam's public health.

The Covid-19 pandemic seriously affected the world economy and it would take a long time for recovery.The country that takes the right, timely and drastic actions and solutions will quickly escape, reduce losses andsoonrestore the economy.Vietnam does not stay out of that spiral, which is reflected in the declining growth, slumping exports, interrupted production, stagnant enterprises, dissolution, shut-down, termination, and cutback of new registrations.

Facing this situation, Vietnam focuses on supporting the business sector and workers so that businesses can hold out, overcome this difficult period, retain labour and maintain production. Along with that it is implementing social security solutions, supporting the disadvantaged who are the most affected. For businesses, to accompany and support them, Vietnam will continue to vigorously reform administrative procedures on legal issues, access to investment, construction and land in the fastest way so as to create businesses’ confidence. In terms of cash flow, the Government has used tools of monetary policy to extend and defer interest rates on new loans and borrowings. In the near future, Vietnam will exempt some taxes and fees to eliminate difficulties for businesses and issuing a new resolution on tax exemption and reduction.

Panoramic meeting.Photo: MPI

Vietnam has entered a new phase, proactively formulating scenarios to revive the economy and will take decisions to support businesses and state agencies when the epidemic fades out and the world bounces back, seizing the opportunities and participating in new "games" with new structures formed after the epidemic.

Vietnam is also aware that there are many opportunities as stable political and macroeconomic situation, healthy investment environment, human resources and market, andtheparticipation of free trade agreements that would open up the ability of big exports. However, besides the opportunities, there are challenges, such as the intrinsic weakness of the economy that is slowly overcome, the sluggish economic restructuring and growth model innovation, the bad effects of signing so many FTAs if domestic enterprises are unable to seize the opportunities, and so on. These are both challenges and opportunities that Vietnam needs to consider to grasp and encounter.In this situation, the Ministry of Planning and Investment was assigned to develop scenarios and policies to revive the economy in the context of the Covid-19 pandemic and expected USAID to coordinate and propose absolutely proper research and proposals for Vietnam, emphasized Minister Nguyen Chi Dzung.

Regarding the cooperation agreement signed between the two sides, Minister Nguyen Chi Dzung considered it a splendid agreement.He also highly evaluated the officials of both sides in quick, positive and effective preparation in line with the issues that Vietnam was concerned about. The agreement will help improving the capacity of the private sector to catch the viral wave of new investment, supporting businesses to rise up and take advantage of opportunities brought about by trade and investment agreements, in which it is necessary to focus on assisting competent enterprises to transform digitally and improve their productivity and competitiveness.

At the same time, it is important to concentrate on training human resources for businesses, enhancing access to concessional credit sources without collateral, accelerating the support for Vietnamese enterprises to transform and create an innovative ecosystem as soon as possible, Minister Nguyen Chi Dzung underlined.

Director Michael Greene appreciated the decisions made by the Vietnamese Government as well as the policy to support people before the Covid-19 pandemic so that no one would be left behind. This is a great time when Vietnam has timely policies to cope with the Covid-19 pandemic. Vietnam has always been an attractive destination for businesses, especially in the context that Vietnam is a member of many free trade agreements. However, due to the impacts of the Covid-19 pandemic, many supply chains will have a shift to other countries, so Vietnam needs to carefully prepare the infrastructure, perfecting key macro policies to strengthen the investors’ confidence, Director Michael Greene highlighted./.

Ministry of Planning and Investment

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