(VOVworld) – Small and medium-sized enterprises (SMEs) account for 97% of registered enterprises in Vietnam and play an important role in generating jobs and contributing to the state budget. But, according to the Enterprise Development Agency of the Ministry of Planning and Investment, preferential programs for SMEs have not yet proven effective. Only a limited number of SMEs have been covered by those programs, spearhead sectors have not been given priority, and procedures for receiving support remain cumbersome.

SMEs are securing greater importance to development. (Photo: VOV)

The Ministry hosted a conference in Hanoi on Tuesday on lessons from other countries on improving SME support programs. Ho Sy Hung, General Director of the Enterprise Development Agency, suggested putting preferential policies in a legal framework and adapting them to different periods and economic features. Hung told the conference: “Japan and the Republic of Korea have given more attention to SMEs in different periods, reflecting SMEs’ greater importance to socio-economic development, and have created appropriate policies to help SMEs. I think Vietnam should learn this lesson. The law on supporting SMEs, once adopted in Vietnam, will provide a strong legal basis for central and local agencies to devote greater resources to SMEs.”

Vietnam has already carried out 38 SME support programs.