Measures issued to support SMEs development

This is part of the Government’s Resolution 01 on major solutions guiding and directing the realization of the Plan on socio-economic development and state budget estimate in 2014.

The Ministry is assigned to enhance the capacity of units in charge of assisting the development of the enterprises and formulate information support network. SMEs are encouraged to join hands in support industry development and building of value chain.

Under the newly-issued Resolution, the Government also called for quick operation of the development fund for SMEs.

The Plan for developing SMEs was approved by the Prime Minister in 2012 with a view to speeding up the development and competitiveness of SMEs.

According to the plan, an anticipated number of SMEs established in 2011-2015 is about 350.000, raising the total figure to 600.000 by the end of 2015.

In a effort to realize the plan, in 2013, PM Dung decided to set up a fund for small and medium-sized enterprise (SME) development with total charter capital of VND 2 trillion.

Functioning as a State financial organization under the management of the Ministry of Planning and Investment, the non-profit fund is responsible for managing and using financial sources in accordance with legal regulations to support SME development.

To get the financial assistance, SMEs must meet a number of conditions, including having feasible production or business plans in line with the fund’s list for priority areas.

The Government hopes to raise the ratio of export turnover of SMEs to 25% and their GDP share to 40% by 2015.

SMEs are also expected to create an addition of 3.5-4 million jobs, according to the program./.

By Huong Giang