10 solutions put forward to reopen the economy

May 05, 2020 | 21:38
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At the Ho Chi Minh City economic development webinar, Nguyen Thien Nhan, Secretary of Ho Chi Minh City Party Committee presented his concerns over local businesses going bankrupt in the context of COVID-19 and offered 10 solutions for an economic recovery.
10 solutions put forward to reopen the economy
Nguyen Thien Nhan, Secretary of Ho Chi Minh City Party Committee making a case for re-opening the economy

Secretary Nhan said that the government and citizens need to drastically focus on fighting and preventing the COVID-19 pandemic. Although Vietnam has made impressive achievements in the fight against the pandemic, people need to continue following the countermeasures to protect themselves. Foreigners who pose a high risk of transmitting the virus need to be strictly quarantined.

Next, it is reasonable time to recover domestic operations and revive the economy. He states in the early stage of re-opening the economy, the government needs to support firms, prevent them from going into bankruptcy by partly paying their workers for a few months. According to Nhan, the government needs to assist companies’ workers because without them it will be hard for companies to resume operations. To help company retain their workers, the Ho Chi Minh City’s People Committee is required to deploy the support packages of both the government and the city itself.

After long time having difficult with imported material and accesories from affected countries such as China, Nhan encouraged businesses to produce or shift to domestic supply chains instead of importing goods from abroad. He also highlighted the importance of local production such as equipment, tools, and materials.

Alongside travel companies, he urged the government and companies to co-operate with commercial partners in investing in and increasing tourism, helping to re-open the economy in proper time.

The pandemic has shed light for information and digital technology, as the result of market trend of digital change, the secrectary suggested accelerating digital transformation among businesses, digitalising all sectors of the economy and infrastructure belonging to the city, and building out intelligent management within government agencies and companies. With innovation programmes and start-up businesses, the government needs to support and accompany with them.

Additionally, Nhan also called on the city authority to enhance public investments in the city. It is planned that the city will disburse 80 per cent of the total value of projects until October this year. New industrial and high-tech zones which are at the second stage need to be pushed forward construction. Also, the government is urged to supports and promote the real estate market, inciting it to stronger development to overcome COVID-19.

Moreover, it is necessity to develop the workforce as well as take advantages of talented of the city, and the nation. These resouces will help build up plans and projects to upgrade the city's management, infrastructure, and culture.

Coutries around the world could get out of the impacts of the pandemic and switch focus for pushing their economy, however, every country has its own ways to get better. Therefore, it is essential for Vietnam to re-open its market and spur tourism to other countries in different periods.

The biggest challenge to the country now is how to discover and handle 6 million travellers who could come into Vietnam since May 2020.

By Hong Phuc

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