NA Chairwoman Nguyen Thi Kim Ngan called it critical to clarify criteria determining which businesses are small and medium sized in order to raise feasible support.
Small- and medium-sized enterprises account for around 97 per cent of firms in Vietnam (Photo:baodauthau.vn)
Hanoi (VNA)🅘- National Assembly Chairwoman Nguyen Thi Kim Ngan called it critical toclarify criteria determining which businesses are small and medium sized inorder to raise feasible support as the country aims to boost its private sectorand start-up culture.
As small- andmedium-sized enterprises (SMEs) account for around 97 percent of firms in Vietnam,the State’s limited resources must support SMEs, Ngan said while discussing theLaw on supporting SMEs at the National Assembly Standing Committee’s sixthsession. National Assemblydeputies agreed that supporting SMEs is of special importance to createmomentum for economic growth, noting that attention should be given to ensurethe feasibility and timeliness of the law. The scope of the draftlaw remains too large, making support infeasible and beyond State resources, Ngansaid. Phan Thanh Binh,Chairman of the National Assembly Committee for Culture, Education, Youth andChildren, said that SMEs should be classified into different categories forappropriate support. Deputies said thatsupport should focus on SMEs operating in manufacturing, science andtechnology, especially those which could create high added value for theeconomy. In addition, it isnecessary to have policies that will improve SMEs’ access to credit andcapital. Deputy Chairman of theNational Assembly Phung Quoc Hien said that the law must ensure the consistencywith other major laws, such as the Law on State budget, the Law on Tax and theLaw on Land. Deputies also said thatfurther consideration must be given when drafting the law on supporting SMEs.The draft law will be discussed at the third meeting session of the NationalAssembly and might be passed at its fourth meeting. The National AssemblyEconomic Committee said that the law will be drafted with a focus on supportingstart-ups, start-up funds and SME support funds.-VNA
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Small- and medium-sized enterprises account for around 97 per cent of firms in Vietnam (Photo:baodauthau.vn) 
