Ministry of Planning and Investment Portal

Director General of the Enterprise Development Agency Le Manh Hung. Photo: MPI

As stated by Le Manh Hung, Director General of the Enterprise Development Agency, under the MPI, the COVID-19 pandemic has been changing people's lives and habits. Additionally, the rapid change of science and technology, the Fourth Industrial Revolution is surging, causing unprecedented difficulties and challenges, raising new consumer trends, new business models, and forcing enterprises to make efforts for change and adaptation. Therefore, unless enterprises receive timely support to adapt and recover, the risk of falling behind will increase.

As a general advisory agency for the Government on social-economic development and enterprise development, for the past time, the MPI has always shown their companion with enterprises, received all opinion and proposals from enterprises and entrepreneurs; successfully performed its role as the standing agency of two prime-ministerial special Working groups on resolving difficulties for enterprises and citizens; as well as overcoming obstacles related to business investment. The MPI has counseled the Government and the Prime Minister to promptly promulgate policies to solve problems in production, helping enterprises in adjusting and get back on their feet in COVID-19, particularly the recent Resolution No. 105/NQ-CP dated August 08th, 2021 by the Government on the assistance for enterprises, cooperatives, household businesses during the fourth COVID-19 outbreak.

As stated by Director General Le Manh Hung, policies and solutions to support businesses over the past time had been recognized by the business community, contributing to easing difficulties that enterprises have currently been facing, helping them to maintain and stabilize production, business activities and jobs for employees.

The MPI expressed their respect and gratitude to USAID's support and cooperation in implementing policies and solutions to support SMEs in Vietnam, promptly adjusting operational priorities and additional funding within the framework of the USAID-funded Linkages for Small and Medium Enterprises (LinkSME) for initiative implementation to support businesses in response to COVID-19.

The project has helped SMEs seal 64 orders worth nearly USD 1.3 million, supported technical upgrades for more than 700 SMEs. Regarding digital transformation support, more than 500 enterprises has been assessed for readiness, and 100 enterprises have been receiving intensive consulting support. Regarding financial access support, over 500 SMEs has been trained to strengthen their capacitiy for financial access and management. It is estimated that 10 businesses will be successfully supported with new loans and debt restructure by the end of December.

Along with the Project’s initial pillar - enhancing cohesion and participation in value chain of SMEs, two other crucial pillars have been timely supplemented, which are supporting enterprises in digital transformation, and enhancing financial access. This is considered the precise and suitable way in accordance with current policy priorities by the Vietnamese Government, pinpointing the key demands of enterprises to adapt and recover in the new situation.

Vietnam USAID Deputy Country Director Bradley Bessire. Photo: MPI

At the workshop, Bradley Bessire, Vietnam USAID Deputy Country Director, emphasized that the COVID-19 affected people and businesses, which required them to strive forwards and overcome the pandemic to develop and recover. He lauded the results of cooperation with the MPI. Currently, the Ministry is coordinating with USAID to implement specific support programs through LinkSME project. USAID and the MPI has coordinated with financial assistance agencies to support enterprises to overcome difficulties and enhance opportunities for capital access.

USAID looks forward to further working with the MPI to support businesses, especially in the complicated and unpredictable context of COVID-19. This has provened its importance in supporting SMEs to overcome difficulties.

Bui Thu Thuy, Deputy Director of Enterprise Development Agency presented a number of solutions to support enterprises in adapting and recovering in the new normal, and the results of digital transformation for businesses. SMEs also shared some successful lessons at the workshop to spread positive effects to others, and discussed solutions to improve the support efforts for SMEs in recovering and adapting to the new normal. Vietnamese enterprises will quickly adapt, recover and advance with the attention of the Government, the Prime Minister and the entire political system, together with the companionship of localities, business associations, international agencies and organizations such as USAID./.