Understanding “Health” of Business for More Effective Policies

Budget management is considered an income and expenditure management tool to economic, social and national security objectives of the country. The budget is regarded as a decisive factor of any nation.

 

The wastefulness in budgetary income and expenditure administration gives rise to heavy public debt and bad debt that goes beyond the tolerance of the country's economy. This is the result of extensive investment and term-based investment thinking which ends with thousands of costly but ineffective projects. This reality has worried people and businesses. That is why the Prime Minister's pledge not to let any company run out of money and be exhausted has significantly strengthened the confidence of citizens and businesses in the new government in restoring budgetary spending discipline - Know how to respect and effectively use taxpayers' money. That commitment is a call to action for businesses and entrepreneurs to do business with honesty, responsibility and obligation to the State Budget.

 

Before the challenges burdening on the business, the Prime Minister’s pledge has created the confidence of business in the new government. We hope that inappropriate barriers and policies in the current context of the country’s competitive pressures and international integration will be tuned up. That commitment is also a message to public service enforcement agencies which should support businesses because they are the cells of economic body. We cannot now and never will have a healthy body when its cells are “exhausted!”

 

To turn the business trust into reality, I suggest the Government, ministries, departments and agencies review regulatory documents on the “lifeblood” of the business. If any documents are suitable in the integration process, they should guide the business to carry out, while any unfitting ones that restrict or impede business should be eradicated.

 

March 29 Textile Garment Joint Stock Company has simultaneously taken a series of measures such as retraining human resources, applying new technologies, reducing expenses, improving working environment, organising scientific operation based on lean production, enhancing corporate governance, building and implementing ISO9001, SA, WRAP, C-TPAT and TQM quality standard management systems to raise labour productivity and business efficiency.

 

In addition to intensive investment, the company has also conducted research on products with high added value for investment expansion. The company built Veston1 factory in 2014 and Veston2 plant in the first quarter of 2016 with a total cost of US$10 million. All the output is now being consumed by US customers, raising the stateside exports to over 70 per cent of its overall exports.