SMEs support law tabled

National Assembly Deputies raised their concerns about the feasibility of the draft Law on Support for Small and Medium-sized Enterprises. Some articles were said to be still too general and lacked detail about how to precisely support firms, what resources were available and how businesses could actually benefit from the legislation.

The latest draft version was added with an article on advising SMEs on business planning, management and improving transparency. These are obstacles which hinder enterprises from successfully borrowing money from banks.

Many provinces have support policies for SMEs but the firms still find it hard to access loans. SMEs account for more than 90% of the enterprises, but they account for only 27% of outstanding credit. Capital is the biggest challenge for them.

Deputies also raised the need for legal assistance as SMEs don't have sufficient knowledge. They also said that SMEs are looking forward to the draft law.