Vietnam, EC step up support of SMEs

Under the document, the two sides will share their experience and policies to support the expansion of the SME sector, as well as enhancing activities to link domestic and EU firms together, with a view to promoting the establishment and development of their linkage clusters and value chains. 

Both sides will also work together to raise their technical capacity to assist SMEs, especially in high-tech applications, a strong point of the EU. 

At an earlier working session, Antonio Tajani, who is also Commissioner for Industry and Entrepreneurship, said that many EU firms want to do business in Vietnam, adding that 40 business representatives are accompanying him during this trip to seek opportunities. 

He said SMEs have contributed greatly to economic development in Europe, and are known for their technological innovations. Therefore, they can help with Vietnam’s economic development. 

Minister Vinh noted SMEs, which account for over 90% of the total number of firms in Vietnam, play an important role in national socio-economic development. He declared the Government always pays much attention to facilitating the development of the sector. 

Two-way trade turnover between Vietnam and the EU reached more than US$24.8 billion in the first nine months of this year, up 20.8% over the same period last year. 

As of September 2013, the club had 1,800 valid investment projects in Vietnam valued at US$32.8 billion including an implemented capitalization of US$13.1 billion. 

The EC Vice President is leading a business delegation on a visit to Vietnam on November 12-13 as part of the EU’s efforts to deepen economic relations with the country. 

On November 12, he witnessed the inaugural of the EU-Vietnam Business Network (EVBN) in Ho Chi Minh City, aiming to serve as a bridge connecting business communities of Europe, Vietnam and ASEAN region.