Vietnam Fostering SME Growth

Posted by Reading Time: < 1 minute

Nov. 21 – Vietnam is doing its share in encouraging the growth of small and medium-sized enterprises by providing access to capital and better production facilities.

The government has simplified regulations for business registration and international cooperation on SME development. This should lead the SME industry to improve its competitiveness and stimulate human resources development.

“The state has created favorable conditions for SMEs, especially those producing items for export and high-value-added goods, to access capital sources, and intensify trade promotion,” said Vu Tien Loc, chairman of the Vietnam Chamber of Commerce and Industry during the forum that marked the opening of the SME National Week 2008, reports Thanh Nien News.

In Vietnam, SMEs make up around 90 percent of all enterprises in the country and contribute more than 40 percent of the country’s GDP. SMEs have also provided employment for about 3.4 million people.