Tran Ngoc Liem, Deputy Director of the Vietnam Chamber of Commerce and Industry ( VCCI ) - Ho Chi Minh City Branch. (Source: Internet))
HCM City (VNA) – There’s a need to build a law to support small and medium-sized enterprises, according to several experts in the field.

The SME community has become an important part of the economy, making up 95-97 percent of enterprises in the country, contributing over 40 percent of GDP and creating more than 50 percent of employment, said Tran Ngoc Liem, Deputy Director of the Vietnam Chamber of Commerce and Industry ( VCCI ) - Ho Chi Minh City Branch.

Thus, supporting SMEs is crucial to maintaining the economy’s driving force, especially in the context that ASEAN, of which Vietnam is a member, has approved the Strategic Action Plan for SME Development 2016-2020, he added.

To support SMEs, there’s a need to give priority to administrative procedure reforms, as a number of regulations from the current laws are overly complicated for small and medium sized enterprises, according to Hoang Van Son from the VNC Law Office.

He also said the new laws should delete unnecessary fees and charges, with the aim of reducing the financial burden on business and production activities.

Recent surveys showed that most SMEs have not attached much importance to market research, product promotion activities or building business culture.

SMEs need to be provided with market information, and trade promotion support, so that they can develop strategies and the business culture, for sustainable development and improving competitiveness, said experts.-VNA