Prime Minister Pham Minh Chinh chais a meeting with the Vietnam Association of Small and Medium Enterprises, July 6, 2023. (Photo: VGP)

SMEs, which account for 97% of all businesses in Vietnam, face challenges related to orders, credit and bureaucracy, Mr. Chinh said at a meeting with the Vietnam Association of Small and Medium-Sized Enterprises on Thursday. Over 59% lack orders and 51% have trouble getting loans, he said, quoting a recent survey.

The State Bank of Vietnam needs to ease monetary policy and cut credit interest rates, he said.

PM Chinh urged banks to speed up disbursement of the 5 billion USD credit package for social housing development, and called for greater efforts to streamline administrative procedures, increase trade promotion, implement existing free trade agreements, and negotiate new pacts.