Addressing the event, which aimed to identify challenges facing SMEs, propose solutions, and foster sustainable economic growth, PM Chinh stressed that authorities must actively listen to businesses, address their difficulties, and encourage their expansion.

According to the Ministry of Planning and Investment, as of December 31, 2024, Vietnam had over 940,000 active businesses, with SMEs making up nearly 98%. These enterprises employ 5.5 million workers and hold a combined capital of VND16.6 quadrillion (US$650.08 billion), accounting for less than 30% of the total business capital in the country.

PM Chinh emphasised the importance of SMEs as the most numerous and adaptable force, serving as a reserve for large corporations and enterprises. He urged them to be more determined and proactive in driving socio-economic progress.

The Government leader called on SMEs to contribute to the implementation of the Party and State’s policies and orientations, particularly in innovation, technology application, and promotion of both traditional and new growth drivers, such as the digital economy, green economy, circular economy, knowledge economy, and climate change response.

He also expressed his hope that businesses will actively contribute to institutional development, effectively utilise the country’s potential and resources, strengthen international cooperation and technology transfer, diversify markets, products, and supply chains, integrate more deeply into global supply networks, and enhance social welfare efforts, including poverty reduction and social housing development.

PM Chinh went on, requesting ministries and agencies to support SMEs by improving infrastructure, promoting the signing of free trade and investment protection agreements, and expanding international markets, including the Middle East, Africa, Central Asia, and South America.

He also stressed the need to prevent the criminalisation of economic and civil relations, stabilise interest rates, and reduce costs, among many other tasks.

At the conference, participating SMEs expressed their commitment to contributing to Vietnam’s economic growth target of 8% this year, with expectations for double-digit expansion in the following years.

Nguyen Van Than, Chairman of the Vietnam Association of SMEs, proposed that large-scale national projects allocate portions of their value to capable SMEs. He also suggested tax reductions for SMEs based on their level of localisation in production.

Meanwhile, Do Quang Hien, Chairman of T&T Group, advocated for policies that promote startup development, especially among students, and encourage SME participation in supply chains of large corporations and foreign direct investment (FDI) enterprises.

Dang Dinh Chinh, Chairman of SMP Holdings JSC – the only Vietnamese company producing and assembling smartphones and tablets for Samsung – called for government-backed initiatives to help Vietnamese firms become tier-1 suppliers for major technology corporations. He also urged financial incentives to support SME investment and expansion.

State-owned enterprises poised to spearhead innovation and economic breakthroughs

VOV.VN - Vietnam aims for at least 8% GDP growth in 2025 as a stepping stone toward double-digit expansion, with state-owned enterprises (SoEs) expected to lead in innovation, digital transformation, and global integration.