Business

SME support law needed

There’s a need to build a law to support small and medium-sized enterprises, according to several experts in the field.
SME support law needed ảnh 1Tran 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

VNA
# law to support small and medium-sized enterprises #Strategic Action Plan for SME Development 2016-2020
Follow VietnamPlus

Related News

Illustrative image. Photo: VNA

ASEAN encourages SME, IBT development

An international workshop on small and medium-sized enterprises (SMEs) and technology business incubators (TBI), Indonesia from June 17-18 has intensified connectivity among SMEs and IBTs in the region.
Photo: baotintuc

Experts urge closer links between SMEs and banks

Commercial banks need to change their perception of small and medium-sized businesses to boost lending for businesses, said head of the Central Institute for Economic Management (CIEM) Vo Tri Thanh.
SMEs face tough market as FTAs kick in

SMEs face tough market as FTAs kick in

Small- and medium-sized enterprises (SMEs) contribute 40 percent of national GDP but the proportion is expected to fall as competition will increase under new international free trade agreements.
HCM City eyes boost for suppliers

HCM City eyes boost for suppliers

The Ho Chi Minh City People's Committee is likely to approve a project to promote support industries next month, heard the "Vietnam - Japan Supporting Industry Forum".

See more

Hyundai Thanh Cong automobile manufacturing and assembly plant in Ninh Binh province. (Photo: VNA)

Vietnam reports 95% jump in January auto sales

Passenger cars accounted for the lion’s share of the gain, with 26,102 units sold. Commercial vehicles contributed 10,312 units, while special-purpose vehicles totaled 461 units.

The forest database will be completed by the end of this year, adapting to the EU Deforestation Regulation (Photo: VNA)

Forest databases for EUDR implementation to be completed in 2026

Localities nationwide are required to complete the development and publication of provincial-level forest boundary databases and maps as of December 31, 2020, by the end of this year, as part of Vietnam’s efforts to adapt to the EU Deforestation Regulation (EUDR).

PM Pham Minh Chinh announces the establishment of the Vietnam International Financial Centre in Ho Chi Minh City. (Photo: VNA)

PM announces launch of Vietnam Int'l Financial Centre in Ho Chi Minh City

The Vietnam International Financial Center in Ho Chi Minh City and Da Nang will gradually assert Vietnam's position on the global financial map and make a substantial contribution to achieving the 2-digit growth target set by the 14th National Party Congress in the coming years, towards realising the 100-year strategic goals, said PM Pham Minh Chinh.

Duong Thi Lap's garden has 200 kumquat trees ready for Tet (Photo: VNA)

Tet bloom markets: rising demand, stable prices

Across Vietnam, key farming hubs for flowers and ornamental plants are buzzing with activity as the Lunar New Year (Tet) approaches, with farmers robust plant health, eye-catching designs, surging consumer demand, and broadly stable pricing.

Retail sales of goods in January estimated at 487.4 trillion VND (Photo: VNA)

Total retail sales of goods, service revenue up 9.3% in January

Retail sales of goods in January was estimated at 487.4 trillion VND, accounting for the largest share and increasing 9.3% year-on-year. Growth was driven by many categories, including household appliances and equipment, which rose 9.4% thanks to early-year shopping demand and promotional programmes by retailers.

Fishing vessel monitoring system (VMS). (Illustrative photo: VNA)

Quang Tri backs VMS subscription fees for fishing vessels

Under a recently approved provincial resolution, the support will be disbursed once a year. Total funding for the three-year programme is estimated at more than 12.2 billion VND from the provincial budget, benefiting around 1,360 vessels across the province.

Delegates at the meeting in Hanoi on February 9, 2026. (Photo baotintuc.vn)

Vietnam to release 2026 economic census data seven months earlier

Nguyen Thi Huong, head of the Standing Group of the Steering Committee of the 2026 Economic Census and Director of the National Statistics Office (NSO), said the first phase of data collection was underway nationwide and was scheduled to conclude on March 10.

At Xa Mat international border gate (Photo: VNA)

📝OP-ED: Decree 46 - Not proof of distorted “systemic failure”

Temporary suspensions, adjustments, or revisions of newly enacted policies are never ideal and should be minimised. Yet such course corrections occur worldwide, irrespective of a country's development stage or market-economy maturity. What counts is rapid remediation to contain losses, extraction of lessons to prevent recurrence, and firm resistance to the dissemination of misleading or hostile allegations, which will help both enforcers and those subject to compliance maintain clarity and composure.

Delegates at the signing ceremony of the MoU between the Brazil–Vietnam Chamber of Commerce (BVC) and the Espirito Santo Chapter of the Brazil–Vietnam Chamber of Commerce and Industry (CCBV-ES). (Photo courtesy of the Vietnamese Embassy in Brazil)

Vietnam, Brazil step up trade promotion cooperation

The Brazil–Vietnam Chamber of Commerce (BVC) and the Espirito Santo Chapter of the Brazil–Vietnam Chamber of Commerce and Industry (CCBV-ES) recently inked the MoU to enhance cooperation and expand business opportunities for enterprises from the two countries, with support from the Vietnamese Embassy in Brazil.