Stronger support needed to help SMEs grow

Small and medium-sized enterprises (SMEs) currently account for 98 percent of all operating businesses in Vietnam, forming a key pillar of the private sector. They play a vital role in job creation, economic growth and contributions to the state budget.

Recognizing this importance, the National Assembly passed the Law on Support for SMEs on June 12, 2017, which took effect on January 1, 2018, to promote the sector’s development. After nearly nine years of implementation, the law has delivered positive results in supporting domestic enterprises. However, several limitations have also emerged, underscoring the need for revision and further refinement. In particular, the current framework still lacks effective mechanisms to help SMEs access markets and benefit from preferential policies on credit, land and taxation. As a result, many small firms continue to face significant challenges, limiting their growth potential.

In the first five months of 2026, 142,600 new enterprises were established nationwide, while 129,300 exited the market, meaning that an average of nearly 26,000 businesses ceased operations each month. In Dong Nai, more than 3,500 new enterprises were established during the same period, up more than 56 percent year-on-year, with registered capital rising nearly sixfold. Meanwhile, more than 670 enterprises were dissolved. Despite this, the number of business closures in Dong Nai remains significantly lower than the national average.

However, many SMEs in the city continue to struggle with access to capital, technology, land and administrative procedures. They have called for further simplification of administrative processes and shorter processing times to improve access to preferential policies on credit, taxation, training and land use. Small firms often find it difficult to obtain bank loans due to a lack of collateral, which in turn limits their ability to lease industrial land, invest in modern technologies and accelerate digital transformation to meet increasingly stringent green standards required by their partners. As a result, many SMEs have yet to integrate deeply into global supply chains.

Beyond capital, businesses also emphasize the need for a stable investment environment, streamlined administrative procedures, lower operating costs and improved market access. Once SMEs secure more orders and stable demand, their ability to raise capital will naturally improve.

As Dong Nai enters a new phase of development, stronger support for SMEs is no longer merely assistance for a business segment, but an investment in long-term growth. This is also a critical moment for local authorities to reassess support policies in order to help achieve double-digit growth targets in the coming years. When SMEs grow stronger, they will generate more jobs, increase budget revenues and build a more resilient business community capable of deeper participation in both domestic and global value chains.

In addition to central and local government support, SMEs are also encouraged to take a more proactive and flexible approach by studying market trends and aligning their production and business strategies with customer demand. In line with global trends, businesses that invest in green products and services are expected to gain greater opportunities to expand in both domestic and international markets.

By K.Minh – Translated by M.Nguyet, Thu Ha