Topic: support

Regulatory reforms, financial support, improved infrastructure, and tax incentives have collectively created fertile ground for private sector development, according to GIZ Vietnam.

At a policy forum on March 14, PM Pham Minh Chinh laid stress on Vietnam’s commitment to rapid and sustainable growth driven by science, technology, innovation, and digital transformation.

The Ministry of Industry and Trade introduces a new scheme to boost legal knowledge and empower smaller enterprises often overlooked in Vietnam’s economic landscape.

Mr. Choi Joo Ho, General Director of Samsung Vietnam, told the Multilateral Forum (MSF) 2022 on improving Vietnam’s position in global value chains, held on October 19, that the country holds many advantages in this regard, such as a dynamic economy and expanding consumer market. To use these advantages, it is necessary to expand participation in global supply chains by promoting supporting industries.

The Hanoi People’s Committee has issued a plan called “Supporting digital transformation for SMEs in the 2021-2025 period”, under which it will spend over VND300 billion ($12.6 million) on supporting digital transformation efforts at 90,000 small and medium-sized enterprises (SMEs) and new businesses. The plan sets out six tasks and solutions, including training in digital transformation and human resources development for SMEs.

With support from the Ministry of Science and Technology, the Qualcomm Vietnam Innovation Challenge (QVIC) 2022 contest was held by Qualcomm to promote innovation in the local startup ecosystem by supporting tech companies with potential in key sectors. The top 3 startups were announced on September 14, which will receive total prizes of $200,000.

In the context that 4 BOT projects are failing due to a sharp decrease in revenue, reaching less than 30 per cent, disrupting the financial plan and putting businesses at risk of bankruptcy, the Ministry of Transport proposed to arrange them almost VND5 trillion ($211 million) of state budget capital to return to enterprises and recover projects.

At the “Business Contact and Dialogue in 2022” conference held recently by Ho Chi Minh City, analysts said that businesses have only now entered into a period of recovery following Covid-19 and need more support to address ongoing difficulties. It is especially necessary to reform administrative procedures to improve the investment environment and the quality of urban administration.

By August 19, eight days after implementation began, the VND1.1 trillion ($47 million) package from the Unemployment Insurance Fund to assist workers has helped more than 298,000 workers. The amount spent stands at nearly VND845 billion ($36 million), or 72 per cent of the plan.

Hanoi has approved support in elementary-level training of less than three months for eleven groups of workers in 78 occupations in the 2022-2025 period. Four groups receiving vocational training will receive support to cover training costs. The capital has set a target of training more than 21,000 people at the primary level for less than three months by the end of 2022, of which more than 9,000 will be trained in non-agricultural occupations and more than 12,000 in agricultural occupations.