VIETNAM EYES ONE MILLION MORE BUSINESSES BY 2030

Employees work at a textile factory - PHOTO: ARCHIVES

HCMC – Vietnam wants to have at least one million more businesses by 2030, especially small and medium-sized enterprises (SMEs).

Prime Minister Pham Minh Chinh has signed a new directive aimed at promoting the growth of SMEs.

Directive 10 highlights the vital role of the private sector, particularly SMEs that account for 98% of all businesses nationwide, contribute over 50% of GDP, 30% of state revenue, and provide over 40 million jobs. However, the sector continues to face structural and regulatory barriers that hinder sustainable growth, reported the Government news website (baochinhphu.vn).

To address these challenges, the directive calls on ministries, agencies, and local governments to implement coordinated measures to enhance SME development in terms of quantity, quality, and efficiency. Key areas of support include innovation, digital transformation, green growth, and deeper integration into global value chains.

The Government aims to streamline administrative procedures and improve the regulatory environment. By 2025, it targets a 30% reduction in approval time, compliance cost, and unnecessary business conditions. It also plans to shift from pre-inspections to post-inspections with stronger oversight.

The Ministry of Finance has been tasked with drafting amendments to key business, tax, and budget laws, along with a legal framework for digital assets and digital currencies. Other ministries are preparing laws on science, technology, and industrial development, including a proposed law on strategic industrial products.

The directive emphasizes public investment efficiency, urging agencies to disburse over 95% of the 2025 budget. Priority will be given to strategic infrastructure projects such as the North-South high-speed railway, urban rail systems, and international ports, while encouraging major corporations to support SME growth.

The Government also plans to simplify tax procedures and boost access to finance through the SME Development Fund. The central bank will maintain flexible monetary policy and focus credit on productive sectors while tightening controls on high-risk lending.

Source: The Saigon Times