The Ministry of Finance, through the Department of Private Sector Development and Collective Economy, is finalizing the latest draft bill aimed at reshaping the support ecosystem for small and medium-sized enterprises (SMEs). The main innovation in this regulation is a paradigm shift from one-way support to an approach based on actual business needs, with implementation effectiveness as the primary benchmark.
One key breakthrough is the introduction of a 'voucher' mechanism, adopted from successful models in various countries such as South Korea and Singapore. Through this system, the government grants full authority to business owners to choose their own training or consulting service providers most relevant to their business, whether in aspects of trade promotion, product testing, or quality standardization.
The government is also committed to massive digitalization through the establishment of a 'Digital Integrated Service Center'. This platform is designed to cut through lengthy bureaucratic procedures. By utilizing big data and artificial intelligence (AI), the system will automatically identify business eligibility for assistance, making the distribution process of state resources more transparent, accurate, and targeted.
Additionally, this regulation revises the threshold criteria for SMEs to be more relevant to current economic conditions. The revenue threshold for the medium enterprise category is planned to increase to VND 400 billion. This adjustment is expected to expand the scope of policy access for business actors who have experienced scale growth over the last decade.
Regarding the classic challenge of access to capital, the government plans to diversify collateral assets beyond property, including the use of accounts receivable, invoices, and even intellectual property as collateral. This step is accompanied by incentives for home-based businesses wishing to transition into legal corporate entities, through simplified accounting systems and tax relief, to ensure a smooth and professional transition.
