The fourth Covid-19 wave is causing major impacts on local enterprises, for which substantial supporting policies from the government are needed to help them overcome this difficult time. Local business leaders talked with Hanoitimes about this issue.

Vice General Director of Son Ha Company Nhu Van Hoan: Stimulus packages key in the economic recovery phase

In 2021, the Covid-19 pandemic has posed severe impacts on the global economy, and Vietnam is no exception.

For enterprises without a backup plan, the pandemic has dealt a major blow to their very existence, forcing many to suspend operations or even dissolve.

Under this circumstance, the government and Hanoi’s authorities have been providing multiple supporting packages and solutions to help enterprises enhance their resilience in a business environment with growing uncertainties.

Among key policies was a 10% reduction in retail electricity prices for businesses, or freezing, waiving, and lowering interest rates for customers. Such policies have not only addressed short-term issues, but also provide long-term support for the economy to return to its upward trend.

For their own part, enterprises have gradually adjusted their operation strategy and shift focus to digital transformation to adapt to a new situation.

As Vietnam targets to become a prosperous and strong country, more long-term supports are needed, including the continuation of stimulus packages, while further economic policies should take the domestic market at the center for economic recovery, along with the establishment of local supply chains.

In the pre-Covid-19 period, 70% of revenue from Son Ha came from export markets, now we have realigned our strategy with full focus on the domestic market.

Vice Director of BSH insurance company Le Hoai Nam: Legal framework for online insurance required

Non-life insurance companies are those hit hard by the Covid-19 pandemic in the 2020-2021 period. However, BSH has acted fast to cope with the pandemic impacts, including setting up Covid-19 taskforces in the headquarter and branches, as well as conducting close supervision in every business operation.

As many provinces/cities are still struggling with the Covid-19 impacts, BSH has provided policies to keep ensuring benefits for customers.

Flexible policies and timely action have been key for BSH to continue expanding operations despite the difficult economic environment.

BSH suggested the government should soon finalize legal framework for online insurances, in turn helping insurers to better access customers.

Moreover, administrative reform and effective law enforcement would help create a favorable business environment and nurture the sustainable recovery of enterprises during the pandemic.

Director of Song Phuong Trade and Production Company Nguyen Thi Phuong: Effective mechanism to put policies into practice

In a difficult economic environment, intellectual properties for such a young company like Song Phuong are essential.

While the business community has been affected as a whole, small and medium enterprises (SMEs) are particularly vulnerable.

Therefore, the company seeks Hanoi’s support to enhance productivity and product quality by simplifying procedures on trademark registration.

The government should also make supporting programs better accessible for enterprises, especially those seeking loans from credit institutions, and delay taxes payment.

SMEs need more support to join value chains and boost productivity, in this regard, industry leaders are expected to be more active in creating room for small enterprises to grow.