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Over 100,000 businesses pull out of market in 2020

The Saigon Times

Over 100,000 businesses pull out of market in 2020
Tran Quoc Phuong, Deputy Minister of Planning and Investment, answers questions from reporters at a Government press briefing held today, January 4 – PHOTO: VGP

HCMC – The Ministry of Planning and Investment has been told to coordinate with the relevant agencies to map out the second Covid-19 relief package plan and then report it to the Government and the prime minister, attendees were told at the Government’s press briefing held today, January 4.

Under the second relief package, the prime minister asked the ministry and the relevant units to prepare the most effective supporting measures for the local economy, businesses and individuals impacted by the Covid-19 pandemic this year, Tran Quoc Phuong, Deputy Minister of Planning and Investment, said at the event.

The relief measures that offer direct support to the affected must undergo a thorough study and require regular monitoring and updates from the competent forces, Phuong continued.

Further information about when the second relief package will be launched, its scale and how it will be implemented will be released later, the representative of the ministry added.

At the event, Phuong also stressed the need for the country to quicken digital transformation to bolster the country’s development in the years to come.

According to Phuong, the national digital transformation process needs to be conducted on a large scale, from State agencies and the Government to companies operating in the country.

A late digital transformation would lead to the local economy and businesses lagging behind their peers across the world, he noted.

The Planning and Investment Ministry had earlier proposed that from this year, the Government should launch a program to offer support to businesses, especially small and medium enterprises, in making a digital transformation and restructuring their businesses, so that local firms can catch up with the global digital transformation trend.

Further, the program is expected to help local firms join forces to establish a close business connection as well as encourage small companies to make efforts to expand their scale, the deputy minister said.

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