Cumbersome procedures, slow policies reaching businesses

On the afternoon of March 4, the National Assembly's supervision delegation led by Vice Chairman of the National Assembly Nguyen Duc Hai worked with the Ho Chi Minh City People's Committee on the implementation of Resolution 43/2022 on fiscal and monetary policies to support the socio -economic recovery and development program (Resolution 43) and Resolution 57/2022 on investment policy for the Ho Chi Minh City Ring Road 3 project (Resolution 57).

Regarding the implementation of Resolution 43, Vice Chairman of Ho Chi Minh City People's Committee Nguyen Van Dung said that more than 133,000 enterprises declared a reduction in VAT (from 10% to 8%) with a tax reduction of more than VND 39,300 billion.

Regarding development investment policies, total local budget expenditure in 2023 is estimated to reach more than VND 88,000 billion, an increase of more than 41% over the same period. Regarding public investment, in 2023, Ho Chi Minh City will disburse 72% of the more than VND 68,600 billion allocated. Regarding the policy of supporting housing rent for workers (VND 500,000 - 1 million/month, maximum 3 months), Ho Chi Minh City supports more than 800,000 workers with a total budget of nearly VND 980 billion.

Thủ tục rườm rà, chính sách chậm đến tay doanh nghiệp- Ảnh 1. — According to the Ho Chi Minh City Business Association, the 2% interest rate support policy is only implemented by a few state-owned banks.

Many opinions at the monitoring session said that some policies to support businesses and people did not bring about the expected results due to cumbersome procedures. Mr. Phan Dinh Tue, Vice President of the Ho Chi Minh City Business Association (HUBA), pointed out that the 2% interest rate support policy is only implemented by a few state-owned banks, while few joint-stock banks participate. Both banks and businesses are reluctant to borrow for fear of having to pay back later due to re-examination. According to Mr. Tue, if businesses want to recover quickly, support resources from the state must be timely and have few procedures. Currently, many businesses have large tax refunds but have not been resolved.

Regarding the Ring Road 3 project, Chairman of the Ho Chi Minh City People's Committee Phan Van Mai proposed using the remaining capital to invest in other items according to each independent project. These items had been studied but at the time of approval, they had to be cut due to funding issues. Moreover, investing in additional items also aims to address the limitations of a 4-lane road (two lanes on each side). If approved, Ho Chi Minh City will apply Resolution 98/2023 of the National Assembly to use the local budget to synchronously invest in the entire route, including the section passing through 3 provinces (Dong Nai, Binh Duong and Long An).

Regarding material sources, Mr. Phan Van Mai said that recently, Ho Chi Minh City sent a working group led by a vice chairman to work with Vinh Long, Tra Vinh, Ben Tre, and Bac Lieu provinces on sand sources, reporting to the Prime Minister on solutions. The Chairman of the Ho Chi Minh City People's Committee also proposed to soon evaluate the effectiveness of using sea sand as filling material to partly solve the demand, and at the same time study the investment plan for overpasses in some sections of the route, instead of building roads on the ground.

Vice Chairman of the National Assembly Nguyen Duc Hai assessed that the implementation of the two resolutions helped Ho Chi Minh City overcome difficulties, gradually recover and develop the socio-economy, and stabilize people's lives. The monitoring delegation noted and studied Ho Chi Minh City's recommendations to report to the National Assembly such as promulgating laws on export processing zones, industrial parks, economic zones, reducing VAT to stimulate demand, etc.

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