Fri, 09 Jun 2023

Vietnam to support SMEs to drive innovations

24 Mar 2023, 16:55 GMT+10

HANOI, March 24 (Xinhua) -- Vietnam will improve policies and solutions to support small and medium-sized enterprises (SMEs) amid new challenges posed by unpredictable global economic development, the shift in the global value chain and new green development requirements, local media reported on Friday.

Specifically, Vietnam will accelerate the national digital transformation and promote the development of private enterprises, especially in the fields of manufacturing, high technology and information technology, local newspaper Vietnam News reported, citing Deputy Prime Minister Le Minh Khai.

Pointing out that there were limitations in corporate governance, the application of science and technology, and the linkage between SMEs, the official stressed the need to drive innovation and boost brand competitiveness.

SMEs should modernize their production and business models and expedite restructuring efforts following the emerging trends of the green economy, digital economy, and circular economy, he said.

Vietnam currently has nearly 900,000 firms, over 25,000 cooperatives and 5 million business households in operation. Among them, SMEs account for 97 percent of the total number of firms, he said.

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