Policy and business need to move in parallel

(Chinhphu.vn) - To truly unleash the energy of the private economic sector, a two-way journey is needed. In which, the State must have drastic and effective policies; and businesses also need to proactively innovate and adapt flexibly.

Seminar "Removing institutional bottlenecks - Unleashing private resources" - Photo: VGP/Le Anh

This is the consensus opinion from many experts at the seminar "Removing institutional bottlenecks - Unleashing private resources" held on May 27, organized by Vietnam Television Center in Ho Chi Minh City.

Resolution 68: Awakening private resources

This May, the business community across the country is excited and happy with a series of policies issued by the Party, State and Government for the private economic sector - the most important driving force of the economy.

From Resolution No. 68-NQ/TW of the Politburo on private economic development, the National Assembly issued Resolution No. 198/2025/QH15 on special mechanisms for private economic development and the Government also issued Resolution No. 139/NQ-CP on the Plan to implement a number of special policies and mechanisms for private economic development.

Mr. Nguyen Ba Diep, Co-founder of MoMo Fintech Group (one of the first unicorn startups in Vietnam) highly appreciated the State's initial establishment of a controlled testing mechanism (sandbox) - a special legal framework for innovative businesses. According to him, this is a huge step forward in management thinking, allowing technology businesses to test new models in a flexible legal environment, thereby gaining experience before expanding implementation.

Mr. Diep emphasized that what businesses expect is not just the birth of the sandbox, but the synchronous implementation across the system - from the central to local levels, from management agencies to enforcement levels. If that can be done, the sandbox will not only be a symbolic policy, but will truly become a "launch pad" for breakthrough business models.

Sharing at the seminar, Dr. Nguyen Xuan Thanh, Senior Lecturer at the Fulbright School of Public Policy and Management, affirmed that international experience shows that all economies that maintain sustainable growth have one thing in common: the domestic private economic sector develops strongly and plays a central role.

According to Mr. Thanh, Vietnam is facing an urgent need to re-promote growth. Policies to support the private economy have been issued, but the important issue is implementation and specific institutional breakthroughs at the grassroots level.

Regarding land, Dr. Thanh proposed re-exploiting unused public land funds, supporting businesses to rent land in industrial parks and technology incubators, especially for small, high-tech, and creative startups.

Regarding investment capital, it is necessary to diversify credit channels, open up the corporate bond market, and amend the Law on Support for Small and Medium Enterprises in the direction of simplifying procedures, expanding support objects, avoiding repetition of the request-grant mechanism, and absolutely not creating additional cumbersome monitoring apparatus.

Mr. Tu Tien Phat, General Director of ACB Bank, said that ACB is currently serving more than 1 million businesses, most of which are small and medium-sized enterprises and individual business households - sensitive but also vulnerable to changes in the market and policies.

According to Mr. Phat, through the working process, there are 4 factors that businesses most desire from the current banking system and financial policies: One is to reduce the cost of accessing capital, the second is faster procedures, comprehensive digitalization and finally towards green transformation... These 4 things are encapsulated in Resolution 68, many businesses are excited and surprised by the Party's Resolution but have gone deep into what businesses need. Mr. Phat hopes that in the future, capital flows to businesses will be strongly unblocked, when specific policies and administrative procedures are simpler.

Meet diverse capital needs for private economic development

Sharing with reporters about the capital needs for private economic development in the coming time, Mr. Nguyen Duc Lenh, Deputy Director of the State Bank of Vietnam, Region 2 Branch, said that the solutions of Resolution 68 related to capital resources and access to bank credit capital are very specific and comprehensive solutions.

From the perspective of banking operations and group approach to capital resource solutions, Resolution 68 creates driving factors for the development of diverse lending methods, as well as fundamental factors, facilitating the development of banking credit activities and banking services.

According to Mr. Lenh, to meet the capital needs for private economic development, Resolution 68 encourages financial and credit institutions to lend based on the assessment of production and business methods, plans to expand output markets, lending based on data, cash flow, value chains, considering collateral including real estate, intangible assets, future assets and unsecured lending.

This solution, together with the policy mechanism of the State Bank and ministries (related to policies and solutions to support capital sources), will be the driving force to promote the development of diverse credit products and lending methods. In particular, with new approaches to lending based on data, cash flow, etc., it will promote the expansion of lending by electronic means, increasing the ability to access capital for the whole society.

In addition, the innovation and innovation requirements for private enterprises, especially small and medium enterprises of Resolution 68 in supporting enterprises to improve management capacity, build a transparent and standardized financial system, standardize accounting and auditing regimes, and implement solutions to increase prestige and access to financial resources.

At the same time, there is a group of solutions to connect and share information between banking systems, taxes and relevant agencies, ensuring connectivity, sharing data on business operations and finances, assessing creditworthiness and credit scoring of businesses from credit institutions. These will be solutions that, when implemented well in practice, will become fundamental and breakthrough factors in promoting the development of diverse credit products, promoting and expanding lending methods based on data, cash flow; unsecured loans... thereby creating favorable conditions for businesses to access bank credit capital to expand and develop.

Le Anh

Source: https://baochinhphu.vn/chinh-sach-va-doanh-nghiep-can-chuyen-dong-song-hanh-102250527132805472.htm