Hanoi (VNA) – Support from theState is urgently needed to help firms maintain operation and surmount challeng🎶esas the COVID-19 pandemic has dealt a heavy blow to most manufac🌠turing andservices businesses, according to head of the Prime Minister’s economicadvisory group Nguyen Duc Kien.

The expert, who is also vice head of theNational Assembly’s Committee for Economic Affairs, said that private companiesneed incentives and financial assistance to speed up recovery and businessoperation in the long term. At the regular press conference of theGovernment in July, Deputy Minister of Planning and Investment Tran Quoc Phuongsaid the pandemic adversely affected numerous economic sectors, particularlytourism and passenger transport. Given that garment-textile exports areprojected to continue facing difficulties due to order shortage, many expertsnoted that firms should bolster activities at the domestic market to cushionlosses. Following the re-emergence oflocally-transmitted cases, however, the measure may not yield expected results. Pham Thi Ngoc Thuy, Standing Deputy ChiefExecutive Officer of the Private Sector Development Office under the PM’sAdvisory Council for Administrative Procedure Reform, said businesses are now vulnerableand facing financial pressure, as their operation has been frozen since thestart of the COVID-19 outbreak. As a result, the Government should reviewaid packages in the current context to promptly address difficulties forbusinesses. Subsequently, the assistance should be expanded in terms ofbeneficiaries and duration, according to economic experts. In addition to interest cuts andcharge-offs, the banking sector needs to join hands with consultant agencies toupdate firms’ records of loans. At this time, payment postponement forbusinesses is necessary to give them strengths in coping with the pandemic./.