National SME week launched nationwide
More than 350,000 businesses have been licensed nationwide with a total investment capital of 1,415 trillion VND (roughly $86 billion). Recently, the number of new enterprises has increased annually by 25 percent, with registered capital increasing by 49 percent per year.\
SMEs represent 96.5 percent of the total number of businesses in the country, as well as 50.1 percent of workers and 29 percent of the nation’s total capital. SME’s have achieved the nation’s highest growth rate compared to other sectors and contribute more than 40 percent to Vietnam ’s GDP.
In the current context of international economic integration and the global financial crisis, SMEs are facing an increasing number of difficulties and challenges due to a shortage of capital, dated technology and obsolete technical equipment, and weakness in business management.
The legal system and business environment are in the midst of being perfected and many legal documents lack clarity, thus creating further difficulties for SMEs.
The National Week for SMEs 2008 is taking place simultaneously in major cities such as Hanoi , Ho Chi Minh City and Da Nang by VCCI and Dai Duong Group between Nov. 17-21, with the theme “Association – Integration - Mutual Development”.
The week is expected to give impetus to the development of SMEs, increase their cooperation with other businesses at home and abroad and examine a number of proposals for perfecting the legal system.
