SME development council to debut

VGP - The PM has stipulated the functions and tasks of the Small- and Medium-Sized Enterprise (SMEs) Development Encouragement Council chaired by the Minister of Planning and Investment.

October 22, 2010 6:29 PM GMT+7

SMEs make considerable contribution to Việt Nam’s national economic growth – Illustration photo

The council offers the PM consultations about mechanisms, incentive policies and assistance for the development of SMEs nationwide. Specifically, it will map out SME development plans and strategies, as well as measures, solutions and programs to enhance SMEs’ capacity and competitiveness.

The council is under auspices of the Enterprise Development Department, part of the Ministry of Planning and Investment.

In Việt Nam, SMEs annually contribute over 40% to the country’s GDP, create 50% of new jobs, make up 78% of retail sales, and 33% of the total industrial production value.

According to a government report, some 85,000 private enterprises with the total registered capital of VND 500 trillion will have been established in 2010, up 125% against 2009.

By Ngọc Vân