Tax support policy is a "lift" for business bounceback

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How do you evaluate the effectiveness of recent tax and fee reduction support policies in restoring production and business of people and enterprises?

In recent times, domestic businesses have suffered from many difficulties. However, during the Covid-19 pandemic, the National Assembly and the Government have decided to issue many support policies to ensure social security for the people. Since then, policies to support production and business activities and stimulate consumption have always received great attention from the Government.

Typically, in 2023 and right in 2024, the Ministry of Finance has proposed the Government to issue the 2% reduction in VAT for most types of goods and services. Thanks to that, a series of fees and charges are subject to be exempted and cut down, thereby supporting logistics costs, aircraft landing and take-off costs and other costs depending on each industry and field.

Along with that are policies to reduce taxes, land rents, registration fees, etc. These support policies are very important for stimulating consumer demand, thereby promoting the consumption of goods, reducing inventories and boosting production and business activities of the economy.

The exemption and reduction of taxes, fees, charges, especially land rent exemption and reduction, etc. have directly affected input costs for production and business activities, thereby reducing production costs, optinmizing profits for enterprises, thereby being able to expand promotional and after-sales activities and improve the consumption of goods and products.

How do you evaluate the support policies to promote economic growth until the end of 2024, creating momentum for 2025 in the context of many fluctuations such as businesses being hit by the recent storm No. 3?

In recent times, the state budget has made an important contribution to overcoming the consequences of the Covid-19 pandemic and supporting a strong economic recovery. However, storm No. 3 in September had a major impact, reducing economic growth by about 0.18%. Businesses, especially in the agricultural sector, have encountered many difficulties.

In responses to this problem, the Government and the Ministry of Finance have introduced support policies to help businesses restore production and ensure people's livelihoods after storms and floods, while speeding up the implementation of support in affected localities.

From now until the end of the year, it is necessary to immediately carry out a number of tasks to ensure the socio-economic development plan. First, support businesses and people to stabilize production and restore their lives after natural disasters to maintain growth. Second, maintain macroeconomic stability, especially exchange rates, to promote import and export and attract foreign investment, creating momentum for growth in 2025.

Another urgent solution is to accelerate the disbursement of public investment capital to create momentum for economic development. As public investment is a key factor in creating jobs and promoting production and business, it is necessary to focus on the role of leaders to remove obstacles in this field, contributing to promoting sustainable growth.

Besides, we need to strongly promote the digitalization of the economy. Only digital transformation can create conditions to save costs in accessing markets and policies, while providing the best support for business growth. We have made many strides in digital transformation and need to continue to accelerate to meet business needs.

What should enterprises pay attention to optimize support and promotion policy effiency, sir?

It can be seen that in the first 8 months of 2024, the world economy has been complicated and unpredictable, especially conflicts, political fluctuations, while the global economy has recovered slowly and unsteadily. In order to maintain growth momentum, flexible policies are needed to respond to fluctuations in the world economy to stabilize the macro economy.

In addition, it is very important to advise and issue support policies and reform administrative procedures so that businesses can easily access policies such as tax and fee exemptions and extensions. In my opinion, the core element in administrative procedure reform is publicity, transparency, and process simplification. Digital transformation is a key condition to achieve this goal, helping to reduce costs for businesses in accessing policies, markets, and implementing activities.

From now until the end of the year, we need to strongly promote the digitalization of the economy because digital transformation enables us to save costs in accessing markets and policies and best support the growth process of enterprises. We have made many achievements in digital transformation and need to continue to accelerate to meet the needs of enterprises.

Thank you very much!