Law on supporting SMEs passed

With 83.5% of votes in favor, the National Assembly adopted the Law on supporting small and medium-sized enterprises (SMEs) on June 12 in Ha Noi.

 

With 83.5% of votes in favor, the National Assembly adopted the Law on supporting small and medium-sized enterprises (SMEs) on June 12 in Ha Noi.

Photo: VGP/NhatBac

 The newly-passed law comprises four chapters and 35 articles. It will come into force since January 1, 2018.

It regulates principles, contents, and resources supporting SMEs; responsibilities of Government, central and local agencies,social organizations, and individuals in helping SMEs and consolidating the implementation of policies for SMEs. 

SMEs include (1) small and medium-sized enterprises including micro enterprises and SMEs with under 200 social insurance payers, less than VND 100 billion of total capital or total yearly income of under VND 300 billion; (2) micro businesses and SMEs operating in the agro-forestry-fishery sector, industry and construction, trade and service.

The law regulates that support for SMEs must respect market rules and match with international treaties to which Viet Nam is a member. The support must be taken in a transparent manner in content, subject, procedures, resources, supportive levels, and outcomes.

(Source:VGP)