VINACHEM

Initiatives to greenise the economy should be encouraged, including developing renewable energy, green industrial zones and green hydrogen and ammonia.

Prime Minister Phạm Minh Chính on Monday agreed to solutions to remove difficulties for enterprises and promote production and business in the remaining months of this year and following years.

As the Vietnamese economy is forecast to continue facing challenges and there are still problems in the internal strength of businesses, especially the private economic sector, the PM asks for drastic efforts to enhance competitiveness and promote the development of enterprises.

The focus of Official Dispatch No 103/CĐ-TTg will be on promoting rapid and sustainable development, completing the legal framework about the green economy, circular economy and renewable energy to create breakthrough developments in the context that the world is shifting towards sustainability. Việt Nam also aims to become a high-income country by 2045 and a decarbonized economy by 2050.

The PM asked relevant ministries, agencies and localities to create a favourable business environment for enterprises, especially small and medium – sized enterprises (SMEs), encouraging mechanisms in which large companies will support SMEs to establish domestic value chains and develop the domestic part-supplying industry. Support policies must be practical and feasible. The PM also asked for further efforts to reduce costs for enterprises to increase their competitiveness, including simplifying administrative procedures and cutting unnecessary business prerequisites.

Initiatives to greenise the economy should be encouraged, including developing renewable energy, green industrial zones and green hydrogen and ammonia.

Specifically, the PM asked the Ministry of Finance to study appropriate tax policies to support enterprises while the Ministry of Planning and Investment to improve the legal framework for rapid, sustainable and comprehensive development.

The Ministry of Information and Communications is required to complete the draft resolution on digital transformation and work with the Ministry of Science and Technology to build the legal framework to manage artificial intelligence (AI) in Việt Nam.

The Ministry of Industry and Trade will enhance trade promotions to accelerate exports and the Ministry of Natural Resources and Environment told to develop policies for a circular economy.

The PM asked the State Bank of Việt Nam to direct credit institutions to continue reducing operation costs to further cut lending rates and promote credit growth in production and business and prioritised sectors, together with effective implementation of preferential credit packages such as VNĐ140 trillion for social housing and VNĐ60 trillion for forestry, fishery sectors. — VNS