Industrial economy enjoys opportunities for development

Solving difficulties drastically

Thanks to measures on inflation control, macro-economic stability and social welfare, investment environment and business opportunity in Vietnam have been improved. Especially, policies of economic recovery including tax and interest rate reduction, expansion and acceleration of investment disbursement for projects and so on have indicated good results.

In Binh Duong, based on potentials of macro-economy, the provincial People’s Committee, agencies, sectors have always solved difficulties to go with companies. Le Van Trang, head of the provincial Taxation Bureau said “Since 2012, Binh Duong has reduced the number of tax declaration units and increased tax declaration via Internet and tax payment via banks in a bid to save cost and time for businesses. In 2013, the provincial Taxation Bureau solved 4,000 tax refund dossiers for enterprises with the total value of VND9,000bil”.

Meanwhile, Binh Duong provincial Customs has launched e-customs service. In addition, the provincial trade and industry sector in the past year worked with more than 60 businesses and 6 associations, solving obstacles for businesses.

2014 is considered as the year of advantages. However, the provincial industrial sector remains facing many difficulties, owing to local enterprises’ poor ability of competition.

Grasping chances and overcoming challenges

In order to focus on solving difficulties in production and business, at a meeting on integration and competition capacity improvement, the provincial People’s Committee chairman Le Thanh Cung steered that local agencies and sectors should strengthen administration reform procedures, especially in tax, customs, land, construction, investment and so on to actively build roadmaps, plans and action plans for the sake of investment attraction and effective exploitation of opportunities as well as export market expansion.

Moreover, enterprises should grasp market information, especially export market and trade exchange. To support small and medium enterprises, the local trade and industry sector has continued to launch the programs of industrial and trade promotion, particularly technology renovation, business re-structure, market expansion. Furthermore, the Government and the provincial People’s Committee instructed banking sector to categorize bad debts for proper settlement and to give priorities of credit capital for industrial sector with high brain content, small and medium businesses and auxiliary industrial sector.

In reality, the Government, the provincial People’s Committee have supported businesses through preferential policies. In order to grasp opportunities and overcome challenges, enterprises should focus on improving competition capacity, approaching and expanding market, reinforcing financial source and setting out proper business strategies.