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SMEs need Government help to survive
Small and medium-sized enterprises (SMEs) would need greater support from the Government to weather the current economic crisis, said Hanoi’s Trade and Industry Association on Oct. 10.
Association chairman Vu Duy Thai said SMEs were vital to the country’s socio-economic development, and that as a valuable resource were entitled to capital assistance.
SMEs were having to cope with soaring inflation and capital shortages, said Vietnam’s Small and Medium-sized Enterprises chairman Cao Si Kiem, adding that 20 percent of SMEs would go bankrupt without Government support. The figure released earlier this month by the State Bank was 3.8 percent, but that was only among SMEs having credit relations with banks.
He also said the Government should streamline administrative procedures and exempt SMEs from import taxes to reduce their tax burden. He said the Government should proceed full steam with the introduction of credit quarantine and insurance funds.
Son Ha International Corp chairman and general director Le Vinh Son agreed that capital shortages and limited corporate governance were the major challenges facing SMEs.
VNA
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