Micro, small and medium sized enterprises (MSMEs) hold important role for the economic development of Vietnam, said participants to meetings within the framework of the ongoing 24th Small and Medium Enterprises Ministerial Meeting (SMEMM) held in Ho Chi Minh City.
Many innovative goods and many services for SMEs and startups bring great added value, high efficiency, change a lot of traditional ways by that life has been going on, said Dang Huy Dong, Vietnamese Deputy Minister of Planning and Investment.
Meanwhile, Aslam Perwaiz, Head of Disaster Risk Management System, Asian Disaster Preparedness Centre, said SMEs are the “backbone” of Vietnam’s economy. SMEs companies do not have a lot financial liquidity, so if Vietnam gives them more encouragement incentives, they will really make the country greater, he noted.
There have been more than 600,000 registered SMEs in Vietnam, employing over 50 percent of total workforce and accounting for over 40 percent of the GDP. The number of newly-established MSMEs has been rising, with about 100,000 new firms per year.
Tran Quang Thang, General Director of HCM City Institute of Economy and Management, said Vietnamese MSMEs operating in traditional sectors such as garment-textile and footwear hold tremendous potential in the coming time because of e-commerce, creating more jobs and higher productivity.
“APEC meetings put forward many action plans in finance, technology, output, business ethics and gender issues, helping Vietnamese MSMEs unleash their potential and seek more opportunities”, Thang said.
He said three years ago, a project to enhance Vietnamese SMEs’ competitiveness, supported by the European Union, was a success. The project helped MSMEs realise the importance of strengthening cooperation and self-reliance in the supply chain finance.
He also stressed the importance of building regional and international MSMEs networks, where each member could foster close cooperation and obtain more information of other products. The harmonious operation of the MSMEs networks is expected to create significant achievements and breakthroughs.
Source: VNA