PM calls for enhanced support to foster growth of SMEs

PM calls for enhanced support to foster growth of SMEs

By fostering new business models, advancing technology adoption, and fast-tracking digital innovation, Việt Nam aims to create an ecosystem where SMEs can thrive.

Workers at a plant in Thanh Hoá Province. — VNA/VNS Photo

Prime Minister Phạm Minh Chính has assigned various tasks to ministries, agencies and localities to accelerate the rapid and sustainable growth of small and medium-sized enterprises (SMEs), toward adding at least one million new enterprises by 2030.

Released on March 25, the directive underscored the pivotal role of the private sector, particularly SMEs, which constitute 98 per cent of all active businesses in the country.

They are the backbone of Việt Nam's economy, contributing over 50 per cent of the GDP, generating 30 per cent of total state budget revenue, and providing more than 40 million jobs, a colossal 82 per cent of the nation's workforce.

To unlock this potential, PM Chính has outlined a comprehensive plan designed to facilitate the development of SMEs, especially innovative startups. The plan focuses on enhancing competitiveness in value chains, advancing digital transformation, and championing green transition.

By fostering new business models, advancing technology adoption, and fast-tracking digital innovation, Việt Nam aims to create an ecosystem where SMEs can thrive.

The directive called on ministries, agencies and localities to adopt a “people-first” mindset, placing businesses and citizens at the heart of their efforts.

Recognising their challenges as shared ones, the focus must be on refining policies and laws, streamlining administrative procedures and creating a fair, transparent and pro-business environment.

This year alone, administrative processing times will be slashed by at least 30 per cent, while compliance costs and unnecessary business conditions will be cut by the same margin.

A significant shift from pre-approval management to post-audit oversight will be deployed, backed by stricter monitoring and supervision measures.

Other specific tasks were also assigned to the ministries of finance, science and technology, industry and trade, alongside the State Bank of Vietnam, the Vietnam Association of Small and Medium Enterprises, and various business and industry associations. 

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