PM suggests APEC fund to support SMEs development

VGP – An APEC fund should be set up to support and encourage small and medium enterprises (SMEs) in APEC economies to enhance partnership with multi-national corporations in the global value chain.

September 15, 2017 3:26 PM GMT+7

PM Nguyen Xuan Phuc speaks at the 24^th APEC ministerial meeting on SMEs in Ho Chi Minh City on September 15, 2017. Photo: VGP

PM Nguyen Xuan Phuc made the above suggestion at the 24^th APEC ministerial meeting on SMEs in Ho Chi Minh City on September 15.

SMEs account for around 97% of the total number of enterprises in APEC, creating 60% of jobs and more importantly they are a driving force for growth, innovations, creativity, the Government chief said.

SMEs development is also one of the four priorities of the APEC Year 2017 and Viet Nam wishes to cooperate with other member economies to help SMEs better themselves in the digital era, PM Phuc added.

PM Nguyen Xuan Phuc suggests an APEC fund to support SMEs development at 24^th APEC ministerial meeting on SMEs in Ho Chi Minh City on September 15, 2017. Photo: VGP

With limited technological, financial and governance capacity, SMEs are the most vulnerable subjects but they are also the most dynamic ones, thus they need proactive care and assistance to evolve and make substantial contribution to socio-economic development.

In Viet Nam, the Legislature approved the Law on SMEs support and the Government has made drastic efforts to build a healthy and inclusive business environment in order to encourage freedom of business and creativity.

Viet Nam expects to cooperate with APEC economies to enhance tax system capacity to encourage healthy, fair and equitable competition, said PM Phuc.

The meeting is one of the most important ministerial level ones that Viet Nam has host during the APEC Year 2017./.

By Huong Giang