The Hanoitimes – During the process of global economic integration and growing protectionism, the fierce competition and lack of support from the legal system have put pressure on Vietnamese enterprises in general, and micro enterprises and individual households in particular. Despite being the growth engine of the economy, micro-sized enterprises and individual households in Vietnam are struggling to grow due to the lack of support from government policies, according to Hoang Tran Hau, director of Institute of Financial Training under the Ministry of Finance. Illustrative photo. As of the first quarter of 2018, Vietnam had 26,785 newly established enterprises with registered capital of VND278.48 trillion (US$12.04 billion), 90% of which were micro and small enterprises with capital of under VND10 billion (US$432,380), Hau said at a conference on November 27. In addition to micro enterprises, there were around 5.5 million individual households, creating 10 million jobs. During the process of global economic integration and growing protectionism, the fierce competition and lack of support from the legal system have put pressure on Vietnamese enterprises in general, and micro enterprises and individual households in particular, Hau continue. According to Hau, tax incentives and capital access are the two main barriers for… Read full this story
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