The Government recently issued Decree No. 39/2018/ND-CP which stipulates a number of support policies for small and medium-sized enterprises (SMEs), concerning information supply, consultation, human resource development, innovation, and participation in industrial linkages and value chains. The SMEs converted from household businesses will be free from examination fees and first-time licensing fees as for conditional business lines Specifically, SMEs will have open access to the information specified in clause 1, Article 14 of the Law on Support of SMEs on the national portal for support of SMEs, which is managed by the Ministry of Planning and Investment, and on the websites of ministries, ministry-level agencies, and provincial-level People’s Committees. In an effort to help SMEs develop their human resources, the State budget will subsidise at least 50% of the total cost of a training course on entrepreneurship and business administration for SMEs. The trainees of … [Read more...] about SMEs to benefit from State support policies
Smes
SMEs to benefit from State’s support policies
Illustration photo Specifically, SMEs are free to access the information specified in clause 1, Article 14 of the Law on Support of SMEs on the national portal on support of SMEs managed by the Ministry of Planning and Investment, and on the websites of ministries, ministry-level agencies, and provincial-level People’s Committee. In an effort to help SMEs to develop their human resources, the State budget will support at least 50% of the total cost of a training course for SMEs concerning entrepreneurship and business administration. The learners of SMEs in extremely disadvantaged socio-economic areas and the women-owned SMEs are exempted from tuition fees for the training course. The provincial-level People’s Committees will assign relevant units to provide free of charge advice and instructions for the household businesses registering to be transformed into enterprises. The SMEs transformed from household businesses will be exempt from the business … [Read more...] about SMEs to benefit from State’s support policies
Top legislator: SMEs
They have generated jobs and income for labourers and significantly contributed to national socio-economic development, and narrowing the gap between the rich and the poor, the top legislator said at a meeting with a delegation of the Association of Vietnamese small-and medium-sized enterprises (VINASME) in Hanoi on March 14. Hailing the association’s contributions to the country’s achievements, she said VINASME has successfully implemented patriotic movements and major campaigns launched by the Party, State and Vietnam Fatherland Front. The NA leader praised the association’s scientific initiatives on counterfeit goods combat and drug detoxification, which, she said, have brought great socio-economic benefits. She highlighted the Party’s policies and State’s laws on private economy, support for SMEs and business environment improvement. The chief legislator pointed out the fact that up to 97% of private enterprises have micro and small scale, with low … [Read more...] about Top legislator: SMEs
SMEs need better technologies to cut greenhouse gases: experts
Illustrative photo (Source: sggp) Hanoi (VNA) – Vietnamese public agencies should assist local businesses, mostly small- and medium-sized enterprises (SMEs), in upgrading their technologies to reduce greenhouse emissions, said experts at an international conference in Hanoi on February 26. At the event, which reviewed technology demand for climate change adaptation in Southeast Asia, experts from Japan, UK, Thailand, Laos, Cambodia and the UK, among others, noted outdated technologies employed by Vietnamese SMEs only increase business costs and pollute the environment. Vietnam ought to learn about global climate change policies, while studying and selecting suitable solutions for mitigating climate change impacts at home, they said. The experts agreed to help Vietnamese companies overhaul production technologies, make a technology reference list and define demand for specific technology packages. Ninh Khac Ban, head of the Vietnam Academy of Science and … [Read more...] about SMEs need better technologies to cut greenhouse gases: experts
SMEs struggling to borrow while banks sitting on huge cash piles
SMEs struggling to borrow while banks sitting on huge cash pilesHopng Phuc By Hong Phuc - The Saigon Times Daily HCMC – Banks are sitting on huge cash piles at the moment but gaining access to loans is no easy task for small and medium enterprises (SMEs), according to the 2030 Businessmen Club under the Saigon Times Club. SMEs said at a seminar at the Saigon Times Group office in HCMC last week that they had found it extremely tough to ask banks for a loan though banks said they had ample cash to lend. Nguyen Ngoc Ha, director of HD Bank’s Nguyen Trai branch, said many SMEs had failed to meet banks’ lending requirements. Banks often have a different approach to working with SMEs, he said, noting a good business plan and a good financial statement would not suffice. Banks, he said, know enterprises always have at least two financial reports with one for lenders and one for the taxman. Some enterprises even have more than two reports, Ha said. Before deciding on a loan, … [Read more...] about SMEs struggling to borrow while banks sitting on huge cash piles
Ministry backs SMEs
The Ministry of Planning and Investment has announced a draft bill to support small and medium-sized firms which state that officials may face criminal charges for discrimination and harassment. SMEs to get supports Agencies are forbidden from issuing unfair business conditions, administrative procedures or limit access to resources to small and medium-sized firms. Officials have also been warned against causing trouble or harassing businesses. Depending on the violations, the agencies and officials will be fined or prosecuted. They will have to pay compensation if their actions result in losses. The ministry is gathering opinions before submitting the bill to the National Assembly in July. It is estimated at least 550,000 businesses will benefit if the bill is passed. Ho Sy Hung, director of Business Development Department, said the bill aimed to give support to small and medium-sized firms because this sector accounted for large portion of the market, yet, it faced huge … [Read more...] about Ministry backs SMEs
Canada continues support for SMEs’ development in Tra Vinh
Fish processing in a seafood export SME in Tra Cu district, Tra Vinh province. (Photo: VNA) Tra Vinh (VNA) – The Mekong Delta province of Tra Vinh will splash out over 46.5 billion VND (2.04 million USD) on developing local small and medium enterprises (SMEs), with 40.6 billion VND (1.78 million USD) coming from the non-refundable aid of the Canadian Government. The information was released at a meeting held on February 1 to carry out the 2018 plan of the SME Tra Vinh project. This year, the project will spend 15 billion VND (660,000USD) on building and implementing plans to back local SMEs, 10 billion VND (440,000 USD) on building small-scale infrastructure for SMEs’ development and over 6 billion VND (263,400 USD) on building capacity to carry out support programmes. The remaining will be used for other activities related to environment, communications, supervision and evaluation. During 2016-2017, the project disbursed more than 55 billion VND (2.4 million USD) to … [Read more...] about Canada continues support for SMEs’ development in Tra Vinh
ADB supports SME development for economic growth and job creation in…
“SMEs have the potential to reduce regional inequalities in Sri Lanka given that SMEs are more widespread throughout the country than larger enterprises, which are mainly based in the capital Colombo,” said Don Lambert, an ADB Principal Finance Specialist. “The additional support will ensure that more SMEs have wider access to credit.” Source: smecdbank.com SMEs contribute about 45% of Sri Lanka’s gross domestic product and provide about half of the country’s jobs. However, access to finance remains a significant challenge for the SMEs. About 30% of local enterprises cite this issue as a major deterrent to their growth and development—one of the highest percentages among ADB developing member countries after Afghanistan, Mongolia, and Nepal. Many of these SMEs have no previous experience dealing with formal financial institutions like banks, are led by women, or based in rural areas. The additional financing for the SME Line of Credit Project … [Read more...] about ADB supports SME development for economic growth and job creation in…
Incentives needed for SMEs to join green growth projects
According to Hong, while SMEs account for 98% out of over 500,000 operational enterprises, not many are interested in sustainable development because they think green projects have higher costs and thus require big investment, which is SMEs’ weak point. However, with improved living condition and deep integration into the international economy, consumers have increasingly stricter requirements for products, Hong said, adding that implementing green growth projects will help SMEs save resources and shift to creativity. Meanwhile, Adam Ward, Country Representative of the Global Green Growth Institute (GGGI) said Vietnam is slow at implementing the National Strategy for Green Growth. He attributed the delay to the lack of knowledge of sustainable growth among Vietnamese firms. He said the SMEDF is collaborating with the GGGI and relevant bodies to develop a handbook on green credit access for SMEs, which will guide them on conditions and procedures to receive credit support for … [Read more...] about Incentives needed for SMEs to join green growth projects
New circular puts ASEAN incentives in SMEs’ reach
The Ministry of Industry and Trade (MoIT) recently issued Circular No.27/2017/TT-BCT, which supplements and amends some items of Circular No.28/2015/TT-BCT, dated August 20, 2015 on the pilot implementation of goods-origin self-certification as per the ASEAN Trade in Goods Agreement (ATIGA), valid for four ASEAN markets, including Laos, the Philippines, Indonesia, and Thailand.Self-certification of product origin (C/O) means traders may declare the origins of exported goods on their commercial invoice instead of C/O form D. As it currently stands, many businesses have to ask for C/O from management agencies.Under Circular 28, an enterprise is allowed to conduct self-certification of goods origin if its total export turnover to ASEAN comes to at least $10 million, under C/O form D in the preceding year.However, Circular 27, taking effect on December 6, 2017, removes this regulation, stating that a firm will be eligible to conduct product-origin self-certification if it is a small- or … [Read more...] about New circular puts ASEAN incentives in SMEs’ reach