A worker checks a tyre at a production line of the Da Nang Rubber Joint Stock Company in the central city's Lien Chieu Industrial Park. (Photo: VNA)

Hanoi (VNA) - The Ministry of Planning and Investment gathered feedback on its draft strategy for small- and medium-sized enterprises (SMEs) development during 2016-2020 at a workshop on January 6.

The ministry forecast there will be 450,000 more enterprises registering to operate, bringing the total firms nationwide to 750,000 in 2020. SMEs are expected to supply jobs fulfilling half of the workforce demand.

At the function, Deputy Minister Dang Huy Dong stressed, through relevant policy and mechanisms, the Government support will encourage innovation among the business community.

He unveiled approximately 3 trillion VND (133.5 million USD) will be spent on specific assistance programmes.

To Hoai Nam , Deputy Chairman of the Vietnam Small-and Medium-Sized Enterprises Association, lauded policies devised to help expand the number of companies within the next five year.

He stressed support programmes should be practical and based on concerted efforts from all agencies involved.

Participants said measures implemented in the past five years have not covered all expectations from businesses, while SMEs themselves have shown weakness in capital, production space, information and human resources.

According to economic experts, SMEs account for 35 percent of overall business investment and generate more than five million jobs. They contribute nearly 50 percent to the nation’s annual growth.-VNA