Illustrative image (Photo: VNA)

Hanoi (VNA) - The Small- and Medium-sized Enterprise (SME) Development Fund has launched a financial aid package worth 560 billion VND (24.64 million USD) for SMEs, according to the Ministry of Planning and Investment (MPI).

The package is designed to support SMEs in reform and innovation; assist businesses operating in agriculture-forestry-fisheries, processing-manufacturing, and water supply, waste and wastewater management and treatment.

In 2017, the fund will continue joining hands with localities, business associations, banks, and related financial organisations to organise workshops and consulting programmes for SMEs, helping them design business plans to apply for loans and use the capital effectively.

According to the MPI, a draft law on supporting SMEs will be submitted to the National Assembly’s upcoming plenary meeting in late May for discussion.

Under the draft law, the SME development fund will provide lending and sponsorship for start-ups, invest in startups in innovation and mobilise domestic and international resources to support SMEs.

The fund became operation in April last year.-VNA