World class U.S. companies including Microsoft, Cisco, FedEx, Coca-Cola, and Visa are promoting the integration of Vietnam’s leading small and medium sized enterprises into the global supply chain.
The current situation makes Vietnamese businesses understand that innovation is pivotal, which is a positive signal of the economic transformation in the country.
Vietnam does not aspire to become the best in the global value chain, instead the country wants to be friend with the best, according to Prime Minister Nguyen Xuan Phuc at the Vietnam Business Summit held in Hanoi yesterday within the framework of the World Economic Forum on ASEAN.
VinaCapital has just launched a $100 million tech-focused venture capital fund, aiming to help fledgling startups and small and medium sized enterprises in the technology field, of which FastGo and LOGIVAN, two startups on technology solutions in the field of transportation will be its very first investment.
Start-ups will be provided with loans from the small and medium enterprise development fund with interest rates not exceeding 80 per cent of the lowest levels at commercial banks in which the State owns over 50 per cent of capital.
According to CIEM President Ph.D. Nguyen Dinh Cung, insufficient information and manpower is the major difficulty of Vietnamese enterprises in the process of international economic integration, especially in preparation for the implementation of free trade agreements (FTAs).
Despite many breakthroughs in 2017, Vietnam economy outlook is still forecasted to face many problems in 2018.
Small and medium enterprises (SMEs) have got a lot of chances to get access to the global playground. However, the accounting procedures have hindered the development of SMEs in Vietnam.
With the fact that the state budget is facing many difficulties, Vietnam will be no longer receive preferential ODA funds from July 2017, foreign investors also reduce capital flows, encouraging investment from the private sector is promoted. The development of the private sector is a "survival" challenge for Vietnam in the near future.
At the Prime Minister's meeting with Enterprises, Chairman of Vietnam Association of Small and Medium Enterprises (ASME) Nguyen Van Than said that enterprises have been facing many difficulties, especially the cost burden.
Publication permit No. 348/GP-BTTTT dated July 19, 2017, granted by the Ministry of Information and Communications of the Socialist Republic of Vietnam
Editor-in-Chief: Nguyen Cao Cuong
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