HCMC seeks to boost small, medium business

10:07 | 17/10/2017 Economy

(VEN) - Ho Chi Minh City (HCMC) has implemented a variety of support programs for small and medium-sized businesses (SMEs) since the beginning of the year, given the key role of such business in the country’s development. As many as 29,921 enterprises were newly established in the first three quarters of 2017 in Vietnam’s largest city, with registered capital of VND396.493 trillion, up 13 percent in number of enterprises and 84.5 percent in registered capital over a year earlier.

hcmc seeks to boost small medium business

Successful businesses can support SMEs and start-up businesses with their experience

The support offered by city authorities includes financing, eased administrative procedures, technological and personnel training for 439 startup projects. In addition, the Ho Chi Minh City Department of Industry and Trade and the Ho Chi Minh City Tax Department established centers to support SMEs and start-ups.

Tran Vinh Tuyen, deputy chairman of the Ho Chi Minh City People’s Committee, said in addition to the city’s support, newly established enterprises also need support from established successful start-up businesses. While the city provides support in terms of finance and administrative procedures, successful businesses can support SMEs and start-up businesses with their experience.

However, the city needs to accelerate support programs to help SMEs and start-ups easily access capital sources. Minister Counselor for Commercial Affairs for ASEAN, Margaret Hanson-Muse of the US Embassy in Singapore, said the United States supports Vietnamese SMEs and start-ups in various ways. Ho Chi Minh City has promoted investment cooperation with San Francisco’s SMEs in recent times, opening up development opportunities in various fields.

Buke Cuhadar, deputy president of the Global Entrepreneurship Network, said the majority of start-up businesses are based on innovation, creating favorable conditions for the country to enter global value chains.

Building diversified models, making use of the world’s existing network and taking advantage of support from investors are solutions to promote the development of SMEs and start-up businesses. In addition, they also have to accept failure and learn experience from successful businesses.

Vietnamese enterprises have many advantages in starting up a business, especially those developed on the basis of high technology. The government, ministries and departments have been trying to adopt policies in order to connect start-up businesses at home and abroad. In addition, they have provided basic knowledge to help start-up businesses overcome difficulties.

Thanh Thanh