Government urges support for SMEs

The Government has assigned the Ministry of Planning and Investment to deploy measures to support small and medium-sized enterprises (SMEs) under the plan for SMEs development in the 2011-2015 period.

This is an important part of the Government’s Resolution 01 on major solutions for the realization of the plan on socio-economic development and state budget estimate in 2014.

Accordingly, the ministry is required to improve the capacity of agencies in charge of assisting the development of the enterprises and set up an information support network.

The Resolution also calls for quick operation of the development fund for SMEs and encourages SMEs to join hands in boosting the development of support industries.

Approved by the Prime Minister in 2012, the plan for SMEs development was aimed at enhancing the competitiveness of SMEs.

Under the plan, the number of SMEs will increase to 600,000 by the end of 2015 and they will create an addition of 3.5-4 million jobs by then.

The Government expects to raise the ratio of SMEs’ export turnover to the country’ total export earnings to 25 percent and their share of the country’s GDP to 40 percent by 2015.

Last year PM Dung decided to set up a non-profit fund with a total charter capital of VND2 trillion ($94.3 million) to serve SMEs development.

To be eligible for assistance from the fund, which is under management of the Ministry of Planning and Investment, SMEs must satisfy a number of conditions, including having feasible production or business plans in line with the fund’s list for preferential areas.

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