It support for small businesses

Hanoi (VNA) – The Vietnamese Ministry of Industry and Trade is actively implementing a lot of supporting industry development programmes, given the great importance of supporting industries. Thanks to these programmes, Vietnamese businesses have been facilitated to apply modern quality management standards and systems, increase the quality of their products, and gradually participate in global supply chains. However, deputy head of the Science Institute on Small-and-Medium Enterprises Management (SISME) Nguyen Kim Hung said that businesses are facing difficulties in approaching credit, due to specific characteristics of supporting industrial production as well as the low starting point of small- and medium-sized enterprises. In this context, Chairman of the Vietnam Chamber of Commerce and Industry Vu Tien Loc stressed the need for mechanisms and policies to develop supporting industries, strengthen connectivity, take advantage of new markets, and expand supply channels and … [Read more...] about Vietnam’s supporting industries receive push to develop further

Therefore, the ministry has proposed the Prime Minister consider and adjust financial mechanisms to support the development of the fleet, including loans with preferential interest rates. Investment in a fleet of ships requires huge and long-term capital, while local enterprises are unlikely to be able to invest in high-quality fleets, according to Deputy Minister of Transport Nguyễn Nhật. The shipping companies have received very little financial support from the Government in the past few years to carry out fleet development. Interest rates on bank loans in Việt Nam are from 8-10 per cent per year, higher than interest rates in other countries such as Japan (1-2 per cent), Singapore (3 per cent) and China (4.5 per cent). At the same time, when registering a ship to fly the Vietnamese flag, the enterprise must carry out procedures on importing ships and have to pay taxes and fees such as registration fee, value-added tax and import tax on ships. Some ship owners … [Read more...] about Shipping industry needs State support to develop: ministry

Hanoi (VNA) - Prime Minister Nguyen Xuan Phuc has recently approved a legal assistance program for small-and medium-sized enterprises (SMEs) in the 2021-2025 period. The programme aims to promote awareness and sense of legal compliance and reduce legal risks and obstacles of SMEs that account for majority of the country’s total businesses, the Vietnam Government Portal (VGP News) reported. Under the programme, ministries, agencies and localities shall have to update policies and legal assistance programs for SMEs, collect all feedbacks regarding legal obstacles from SMEs and report to competent authorities for refining legal regulations. Legal assistance shall be conduct in a diverse manner, including direct and indirect forms such as forums and dialogues as well as via various platforms. Earlier on June 2019, the Government issued Decree No 55/2019/ND-CP on legal assistance to SMEs. The Decree outlines supporting policies for household businesses which change their business … [Read more...] about Gov’t continues legal assistance to SMEs

Vietnamese enterprises have delivered and received goods at Vietnamese ports, so the right to hire vehicles is undertaken by foreign partners, Vietnamese shippers depend entirely on foreign shipping companies and are forced to pay surcharges implemented by those shipping companies, according to Nhat. … [Read more...] about Shipping industry needs State support to develop: ministry

The country stands to benefit from the trade and technology tensions between the United States and China, which are expected to continue under the new U.S. administration. Significant supply-chain relocation is already underway as a result of the U.S.-China trade war. … [Read more...] about Standard Chartered forecasts Vietnam’s 2021 GDP growth at 7.8%