It is vital to ensure that the support policies are practical and suitable to domestic SMEs (Source:VNA)
Hanoi (VNA) – A seminar on the draft Law on Supporting Small- and Medium-sized Enterprises (SMEs) from the view of the business community took place in Hanoi on July 11.

The seminar was organised by the Vietnam Chamber of Commerce and Industry (VCCI) in partnership with the Ministry of Planning and Investment (MoPI).

Addressing the event, MoPI Deputy Minister Dang Huy Dong said despite the government’s effort to create a fair and business-friendly environment for local SMEs, which are regarded as the growth engine of the economy, there is still a gap between policies and their implementation in practice as well as between policies and businesses’ expectations.

The number of SMEs that go bankrupt or have to temporarily stop operating has been on the rise, while most of the enterprises spent very little on technology application, Dong noted.

He stressed the need to thoroughly study the contents of the bill for the early adoption in order to provide timely support for the development of SMEs.

According to Nguyen Hoa Cuong, Deputy Director General of the MoPI’s Enterprise Development Agency, the five-chapter and 33-article bill introduces a number of support incentives for SMEs, particularly in terms of access to funding and technology, securing land for operation, information update and consultancy.

VCCI Secretary-General Pham Thi Thu Hang said it is vital to ensure that the support policies are practical and suitable to domestic SMEs who are still struggling to compete with their foreign rivals.

The bill needs more feedback and recommendations from experts and businesses and should be reviewed with reference to international experience, she suggested.

The law itself is not enough but should go with the change in how authorities and state officials work with enterprises, she added.-VNA