Smes

Illustrative image (Source: VNA) Hanoi (VNA) – Small- and medium-sized enterprises (SMEs) will benefit from many support policies of the State, especially those in information support; consultation; human resources development; startup and innovation; and value chain participation.   Under Decree 39/2018/ND-CP recently issued by the Government, SMEs will be free to access information in the national information portal for supporting SMEs managed by the Ministry of Planning and Investment, and other information portals managed by ministries, ministry-level agencies, municipal and provincial-level People’s Committees. To help SMEs develop their human resources, the State budget will support at least 50 percent of the total cost of a business start-up and business administration training course for SMEs. Meanwhile, SMEs in advantaged areas and those owned by women will be exempted from tuition fees for training. Business households, which register to shift to … [Read more...] about SMEs benefit from State’s business support policies

The Ministry of Finance has proposed corporate income tax rates on small and micro businesses to be lowered from currently 20 percent to 15-17 percent. (Photo: vneconomy.vn) Hanoi (VNS/VNA) - The Ministry of Finance has proposed cutting corporate income tax (CIT) rates on small and micro businesses from the current 20 percent to 15-17 percent. The idea was raised in a National Assembly draft resolution which the ministry recently published for comments. The move aims to promote the development of small- and medium – sized enterprises and to encourage business households to transform into enterprises, as well as enhance their competitiveness and create jobs. The Vietnamese Government aims to have one million businesses by 2020, 1.5 million by 2025 and two million by 2030. The ministry said that SMEs played a significant role in the country’s socio-economic development and were recognised to be the driver for economic growth, citing statistics that Vietnam had more than … [Read more...] about Ministry proposes lowering CIT for SMEs

Tax deductions, land allocation programmes and the establishment of appropriate credit lines along with a comprehensive legal framework are among the tasks ordered by Prime Minister Nguyễn Xuân Phúc to effectively implement the Law on Support for Small- and Medium-sized Enterprises (SMEs). Workers at Trung Dũng Co Ltd, a manufacturer of elastic threads and yarn in Tân Triều Commune in Hanoi’s suburban district Thanh Trì. The company employs around 200 employees. His directive, issued last week, was meant to bring to live the highly anticipated SMEs law, which took effect at the beginning of the year. SMEs, or enterprises with capital of less than VNĐ100 billion (US$4.36 million), account for 95 per cent of Vietnam’s business community. PM Phúc assigned the Ministry of Planning and Investment (MPI), in collaboration with other concerned ministries and people’s committees, to speed up the … [Read more...] about PM issues directive to better implement law on support for SMEs

Thai Prime Minister Prayuth Chan-ocha (R) and Alibaba Chairman Jack Ma in Bangkok on April 20 (Photo: nationmultimedia.com) Bangkok (VNA) – Thai Prime Minister Prayuth Chan-ocha received Alibaba Chairman Jack Ma in Bangkok on April 19, who called the Chinese e-commerce giant to help Thai small- and medium-sized enterprises (SME) access modern technology and branch out their business via e-commerce. The PM also asked the founder of the online shopping giant to assist Thailand to put forth farm produce consumption, especially rice and rubber, via Alibaba’s system. At the meeting, Jack Ma announced that he wants to support Thailand in the development of e-commerce, trade and human resources. On this occasion, Jack Ma and the Thai government’s representatives signed four Memorandums of Understanding (MoU). They include a project to help set up a "smart digital hub" in a showcase project called the Eastern Economic Corridor, to facilitate trade between Thailand, China, … [Read more...] about Alibaba urged to help Thai SMEs expand business via e-commerce

The mobile phone factory of Samsung Electronics Vietnam in Yen Phong Industrial Park, Bac Ninh province (Photo: VNA) Though FDI in Vietnam has almost reached US$190 billion to date, accounting for more than one fourth of the country’s total investment, its spillover effects on local companies have yet to expand as expected. “FDI firms themselves want Vietnamese small- and medium-sized enterprises (SMEs) to be their local suppliers in order to help them reduce cost and improve competitiveness. But many problems have remained to hamper the effective connectivity among them,” Mai said. Electronics has become one of the economy’s key sectors, making Vietnam among the world’s 12 leading electronic workshops and the third largest one in ASEAN, said President of the Vietnam Chamber of Commerce and Industry (VCCI) Vu Tien Loc. The electronics led all industries in export turnover in 2017, earning the country more than US$70 billion, 2.5 times higher … [Read more...] about Greater connectivity urged between domestic, FDI firms in electronics