Vietnam is currently home to nearly 800,000 operational enterprises, 98% of which are small and medium ones.

During the 2017-20 period, the contribution of the private sector to the GDP has been on the steady rise from 41.75% (2017) to 42.68% (2020), making up the largest proportion among economic sectors.
Deputy Prime Minister Truong Hoa Binh at the meeting. Photo: Le Son. |
Deputy Prime Minister Truong Hoa Binh made the statement at a meeting with the Vietnam Association of Small and Medium Enterprises (VinaSME) on January 7.
Vietnam is currently home to nearly 800,000 operational enterprises, 98% of which are small and medium ones. The ratio of business establishments per 1,000 population rose to 7.9 from 5.4 in 2016.
“There have been significant improvements in the private sector, especially in productivity, technological application, innovation and capabilities to participate in regional and global supply chains,” noted Mr. Binh.
Nevertheless, Mr. Binh pointed out certain shortcomings of the business community, including the majority still possess obsolete technologies and lack vision for innovation, research and development.
“The linkage among members in the VinaSME remains fragmented, while many are unable to access capital for development,” he added.
“Local companies should be aware of environmental issues and refrain from trade frauds, violation of intellectual property rights, and tax evasion,” Mr. Binh suggested.
As the Covid-19 situation continues to be complicated globally, not to mention climate change, natural disasters and non-traditional security issues, the Vietnamese business community should enhance resilience to better adapt to a new normal situation, stated the Deputy PM.
In the coming time, Mr. Binh expected the VinaSMe to continue staying active in addressing concern of businesses.
“Vietnamese companies should start taking technologies and machines to replace basic works for greater competitiveness,” he said.
Vietnam SMEs are an essential part of the economy, contributing 40% of the GDP, 33% of industrial production value, 30% of exports and creating jobs for 50% of the labor force.
Other News
- Hanoi boosts socio-economic growth, but remains vigilant against Covid-19
- Hanoi focuses on supporting business recovery: Mayor
- Hanoi promotes industrial infrastructure development for sustainable growth
- Plastics discouraged on Co To island
- Economic recovery drives hiring in H2/2022
- Vietnam brings Hung Yen longan to international markets
- ASEAN Online Sale Day 2022 kicks off
- Hanoi strengthens tourism cooperation with Central Key Economic Zone
- Vietnam's investment in education accounts 18% of total state expenditure
- Samsung plans to invest US$3.3 billion in Vietnam in 2022
Trending
-
Vietnam needs financial resources to advance gender equality
-
“Produce more from less”: Danish agricultural philosophy for Vietnam
-
Over US$34 billion set to pour into Vietnam’s real estate market this year
-
Vietnam deploys diverse solutions to revive tourism industry
-
Cultural industry to contribute 5% of Hanoi’s GRDP by 2025
-
Vietnam is stunning in South Korean artist’s MV
-
Hanoi focuses on supporting business recovery: Mayor
-
Construction of Hanoi’s Ring-road No.4 set to begin next June
-
Dolphin shows fascinate audiences in Hanoi