Illustrative image (Source: VNA)

Hanoi (VNA) – There is a need to have more preferential policies for small-and medium-sized enterprises (SMEs) to help them grow as a core force of the local economy, said Minister of Planning and Investment Bui Quang Vinh.

In an interview granted to the Vietnam News Agency, Minister Vinh affirmed that the Government always attaches importance to all economic sectors and is trying its best to promote SMEs.

A series of issued laws such as the Investment Law, the Enterprise Law, and the law on amendments and supplements to several articles of tax laws favour SMEs and private businesses, he said.

He cited that the 2014 Investment Law gives more favourable conditions for domestic enterprises as they do not need to have a project to get an investment licence, as foreign invested enterprises must do.

However, the minister admitted that the country has not yet paid full attention to facilitating the development of SMEs and private businesses.

Therefore, the Ministry of Planning and Investment has built a number of laws to support these enterprises, he said, adding that it is drafting a law on supporting SMEs.

In 2014, the Government entrusted the ministry to set up an SME support fund to provide businesses with preferential loans through commercial banks.

The ministry has also proposed the Government establish business incubators that encourage creative ideas from businesses and people, especially the young.

Regarding SME support policies to come, Vinh suggested the State have policies to assist businesses in start-up activities, access to credit and in market assessment.-VNA