Pandemic presents opportunity for enterprise restructuring
The fact that nearly 35,000 enterprises have now withdrawn from the market three months after the COVID-19 outbreak first appeared in Vietnam reveals the huge impact it has had on business and production.
Hanoi (VNA) - Thefact that nearly 35,000 enterprises have now withdrawn from the market threemonths after the COVID-19 outbreak first appeared in Vietnam reveals the hugeimpact it has had on business and production.
As the difficulties areaddressed, however, this is also a good time to restructure enterprises, accordingto experts, which would help the economy recover and make great strides forward.
Chairman of the Vietnam Chamberof Commerce and Industry (VCCI) Vu Tien Loc said the country is at a critical juncturein curbing the epidemic, and supporting enterprises to stand firm and overcomesetbacks is also a pressing matter.
Businesses, he went on, hopethat institutional reforms will be promoted in the coming months to help themovercome the COVID-19 crisis and better prepare for recovery and developmentefforts in the future.
Now is a good time toaccelerate the disbursement of public investment and promote public-privatepartnerships and essential infrastructure projects with State capitalcontributions, he added, to facilitate business and investment activities in alleconomic sectors.
Furthermore, he suggested theGovernment continue to focus on reforming administrative procedures, improving thebusiness environment, and removing difficulties and obstacles facing businesses.
Chairman of the Vietnam Associationof Small and Medium Enterprises Nguyen Van Than described COVID-19 as a testingtime for businesses to increase their resistance and seek ways to restructureproduction and improve their management capacity and ability to cope with tryingcircumstances.
Experts have advised businessesto quickly make use of provisions within the EU-Vietnam Free Trade Agreement (EVFTA)and the Comprehensive and Progressive Agreement for Trans-Pacific Partnership(CPTPP), to diversify input supply chains.
Online business models ande-commerce should be promoted during the pandemic, experts have said,suggesting businesses pay greater attention to digital transformation and buildspecific, long-term, and comprehensive strategies and orientations./.
About 700,000 enterprises are expected to enjoy a cut in corporate income tax (CIT) to between 15-17 percent from July 1 this year, down from the current rate of 20 percent.
Secretary of the Hanoi Municipal Party Committee Vuong Dinh Hue has said that the city is willing to listen to enterprises’ feedback to untie “knots” regarding policies, site clearance and planning adjustments, as public and private investment is an economic lifesaver of the city's economy.
Deputy Prime Minister and Foreign Minister Pham Binh Minh proposed four main measures to fight the COVID-19 pandemic while addressing the Ministerial Video-Conference of the Alliance for Multilateralism on COVID-19 on April 16.
The National Payment Corporation of Vietnam (NAPAS) and the Joint Stock Commercial Bank for Foreign Trade of Vietnam (Vietcombank) on April 16 announced a COVID-19 discount programme for businesses providing transportation services.
The Ministry of Finance will focus on improving the business climate and creating favourable conditions for businesses to accelerate growth, which is important to ensure State budget revenue amid the COVID-19 pandemic's impacts on socio-economic development.
Under a draft to amend and supplement the Government's Decree 125/2020/ND-CP on administrative sanctions for violations of tax and invoice regulations, the Ministry of Finance has proposed classifying the failure to issue invoices into five different levels. Infraction levels will correspond to fines of 1 million VND to 80 million VND, depending on the nature and number of invoicing violations.
A new airline developed and invested by Sun Group — has officially announced a strategic partnership with Amadeus IT Group (Amadeus), one of the world’s leading travel technology companies. This agreement not only lays the foundation for a modern digital infrastructure but also marks a pivotal step in SPA’s global expansion strategy, enabling the airline to access international distribution networks and reach customers worldwide.
Of the total, 107,700 were new firms, with combined registered capital of 928.4 trillion VND (35.4 billion USD), up 10.6% in number and 5.5% in capital compared with the same period last year.
Experts agree that a combination of technology, enforcement, education and cross-border cooperation is essential to protect copyrighted content in Vietnam’s growing digital ecosystem.
Poland is Vietnam’s largest export market in Central and Eastern Europe, with key staples including seafood, textiles, footwear, coffee, and cashew nuts.
Cashless payments are growing at an impressive rate, averaging 30–40% annually. Vietnam’s per capita cashless transaction volume now trails only China, with total value of 295.2 quadrillion VND (11.26 trillion USD), or 26 times of its GDP.
A draft resolution on piloting a digital asset and cryptocurrency market is being developed, aiming to create a broad-enough regulatory sandbox that enables investor participation and provides practical grounds for policy refinement in areas such as risk management and anti-money laundering.
Viettel was ranked third for overall mobile performance with a score of 82.56 just behind UEA’s e& (88.05) and Quatar’s Ooredoo (87.05) and ahead of Singapore’s Singtel (82.53). Vinaphone took second in 5G speed with a score of 78.11, trailing only behind e&.
PM Chinh proposed MUFG work closely with the Ministry of Finance to improve legal frameworks and support the establishment and operation of the international financial centre in Da Nang and Ho Chi Minh City.
The Prime Minister emphasised the significance of maintaining macroeconomic stability, controlling inflation, promoting growth, and improving the harmony between monetary and fiscal policies.
Petrovietnam will step up the development of new products and the expansion of international markets to reduce reliance on the domestic market. It also plans to optimise capital use, manage cash flow and costs, streamline operations, and enhance workforce quality to achieve its 2025 goals.
Vietnam has so far attracted 43,346 valid FDI projects with a total registered capital of 517.14 billion USD. The accumulated disbursed capital is estimated at nearly 331.46 billion USD, accounting for 64.6% of the total registered capital.
More than a product showcase, Vietfood & Beverage – Propack Vietnam 2025 is designed as a comprehensive ecosystem where businesses, experts, and consumers can share knowledge, explore technologies, and connect for collaboration.
Both sides expressed their hope that the outcomes of the discussion will continue to improve the efficiency of customs clearance activities at the customs clearance points and dedicated transport routes of the Huu Nghi – Youyi Guan international border gate pair.
The maximum retail price of E5 RON92 petrol has increased by 207 VND to 19,608 VND (0.75 USD) per litre while that of RON95-III rose by 234 VND to 20,074 VND per litre.
Illustrative image (Source: VNA) 
