(MPI)- On May 28, 2018, at the headquarters of the Ministry of Planning and Investment (MPI), Deputy Minister Le Quang Manh had a meeting with Laos Ministry of Industry and Commerce’s delegation, led by Deputy Minister Somchit Inthamith, to exchanged views on the implementation of the Policy on Developing Small - and Medium -Sized Enterprises.
At the meeting: MPI
At the meeting, Deputy Minister Somchit Inthamith thanked Deputy Minister Le Quang Manh for taking time to welcome and said that the Lao PDR's 8th Five-Year Plan (2016-2020) specified that implementing and supporting Small - and Medium -Sized Enterprises (SMEs) is essential. Deputy Minister Somchit Inthamith hoped, throughout the meeting, both sides would exchange views, discuss and share information on the formulating and implementing of the policy mechanisms and orientations regarding SMEs development.
At the meeting, Deputy Minister Le Quang Manh highly appreciated the good traditional relationship between Vietnam and Laos. Exchanging on some contents in terms of SMEs in Vietnam, Deputy Minister Le Quang Manh said that the SMEs play a crucial part in socio-economic development. As of now, SMEs in Vietnam capture 98% of the total of 620 thousand enterprises operating in all fields. These enterprises capture 41% of budget revenue, making up 78% of the number of labors and contributing 49% to GDP. However, the SMEs in Vietnam still run into many obstacles, especially with labor forces, technology and capital for manufacturing and trading activities.
To help the SMEs overcome difficulties and continue growing, the Government of Vietnam has been increasingly improving the policy framework, applying large numbers of incentive mechanism to support SMEs. Especially, in 2017, the Law on Supporting Small- and Medium-Sized Enterprises was promulgated and it has been effective since January 1st, 2018. One of the principals of the Law is to support without discriminating, violating the international treaties and to ensure equal approaching the supportive contents between enterprises. Besides the basic supports for SMEs such as access to credit, information, labor resources development, counseling, technology, etc. the Law also set policy groups focused on supporting SMEs transformed from business household, initiative start-up, participation in sector linkages, value chains. This is an important step in completing supportive policy for SMEs.
At the meeting, the two sides evaluated that, in the context of a rapidly changing world, the SMEs have many opportunities but also face many challenges. Accordingly, in the coming time, Vietnam and Laos have to continue cooperating closely, sharing experience to ensure the vigorous development of the SMEs, and through that, contributing to boosting the cooperation relationship between the two countries./.
Ministry of Planning and Investment