Business leaders in Vietnam want to do more to contribute to the economic recovery following the fourth wave of coronavirus that impacted production and led to a growth slowdown.

"The business community and entrepreneurs look forward to making intellectual contributions to the overall recovery program at national level as well as in sectors and localities," Pham Tan Cong, chairman of the Vietnam Chamber of Commerce and Industry (VCCI), told Prime Minister Pham Minh Chinh.

In 2021, businesses in Vietnam have endured unprecedented difficulties as a direct result of the pandemic. As such, many businesses are facing production and market interruptions as well as cash flow and labour problems, the VCCI chairman added.

Considering it could take years for production and business activities under ‘new normal’ conditions to be fully restored, more support is expected from the government, Pham Tan Cong continued.

In addition, the chairman of tech firm CMC Corporation Nguyen Trung Chinh said the economy should re-open safely and quickly within favourable conditions to allow businesses to recover.

The Ministry of Planning and Investment is due to create an economic recovery plan, to be submitted to the government later this month.

Chairman of conglomerate Son Ha Group, Le Vinh Son suggested the government introduces large-scale appropriate solutions to restructure the economy in line with global post-pandemic changes.

"I think it is necessary to stabilise fiscal policy and support businesses with adequate capital to overcome difficulties; loosen conditions for businesses to be supported with money through credit packages and to recover after the pandemic.”

He also proposed the State Bank of Vietnam adopts a flexible approach to managing interest rates, and direct commercial banks should restructure debt repayment terms, and postpone and lower interest rates for loss-making businesses.

The difference between deposit interest and lending interest rates should not go beyond 2.5 percentage points, Le Vinh Son added.