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Seminar talks financial assistance to SMEs
Removing obstacles and working out how small and medium-sized enterprises (SMEs) can access financial sources for development purposes were tabled for discussion at a Vietnamese-Chinese seminar in Hanoi on November18.
At the seminar, financial experts from the Chinese Ministries of Finance, Industry and Information Technology and Vietnam’s Ministry of Finance also discussed state policies on managing and supporting SMEs, financial assistance for businesses and policies to increase the number of financial sources available to SMEs.
Deputy Finance Minister Nguyen Cong Nghiep told the participants that SMEs in Vietnam are looking for ways of accessing medium and long term capital sources to replace their existing dilapidated old technologies.
He also confirmed that Vietnam’s SMEs made a considerable contribution to the national economy in the past, particularly by stabilising and developing the consumer market and generating new jobs.
However, he said that they still face a number of difficulties, including limited capital and old technologies which are worsened by the impact of the global financial crisis and economic downturn.
The seminar examined the positive effects of the government’s demand stimulus package as well as financial mechanisms to assist SMEs in the future.
Meanwhile, an official from the Department for SMEs at the Chinese Ministry of Industry and IT said that SMEs in her country have to deal with reductions in exports and output. A number of them have had to either stop production or go bankrupt.
In this context, China has increased credit, mobilised extra capital, created a favourable development environment for businesses and adjusted their structures, she said.
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