Removing institutional bottlenecks, unleashing private resources

According to economic experts, to truly unleash the energy of the private economic sector, a two-way journey is needed: the State needs to have drastic and effective policies, and businesses must proactively innovate and adapt flexibly.

Institutional transformation, awakening private resources

On May 27, Vietnam Television Center in Ho Chi Minh City organized a seminar on "Removing institutional bottlenecks - Unleashing private resources". In his opening speech, Mr. Nguyen Quang Sang - Deputy Director of Vietnam Television Center in Ho Chi Minh City - emphasized that the reason for organizing the program stems from practical requirements in the context of a series of major resolutions on private economic development that have just been issued. This is the right time to listen to, record and connect the contributions of the business community with the process of building and perfecting policies.

Overview of the Seminar on Removing Institutional Blockages and Unleashing Private Resources. (Photo: Banking Times)

Mr. Nguyen Quang Sang shared: “We hope to create a public forum for the private business community to speak frankly and honestly about their wishes and concerns. From practical dialogue forums like this, the voices of businesses will be heard more, and policies will be closer to reality."

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.

Unblocking capital, "launching pad" for businesses

Sharing credit solutions, Mr. Tu Tien Phat, General Director of Asia Commercial Joint Stock Bank ( ACB ), suggested strictly controlling lending to serve the internal ecosystem; diversifying credit channels, opening up the bond market; amending the Law on Support for Small and Medium Enterprises, simplifying procedures for accessing preferential capital. According to Mr. Tu Tien Phat, small and medium enterprises have difficulty accessing capital due to lack of collateral and non-transparent finances. The solution is a credit rating system, transparent financial enterprises, and banks changing their approach.

According to Mr. Nguyen Ba Diep, Vice President of MoMo, institutional reform is the fastest, most effective and most economical solution to support businesses. From resolution to action is a journey that requires the decisive participation of both the State and businesses. When supported by the right policies, the private economy will break through and become a solid pillar of the economy.

In particular, Mr. Nguyen Ba Diep highly appreciated the State's initial establishment of a controlled testing mechanism (sandbox) - a special legal framework for innovative enterprises. This is a huge step forward in management thinking, allowing technology enterprises to test new models in a flexible legal environment, thereby gaining experience before expanding implementation.

“What businesses expect is not only the birth of the sandbox, but also how it is implemented synchronously throughout the system, from 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. In the coming time, if the implementation of the sandbox is accelerated, synchronous and listens to reality, this will be a great driving force for the Vietnamese startup ecosystem,” Mr. Nguyen Ba Diep shared.

Source: https://thoidai.com.vn/go-diem-nghen-the-che-khoi-thong-nguon-luc-tu-nhan-213837.html