Vietnam strives to have at least 1 million more businesses by 2030

Prime Minister Pham Minh Chinh has just signed and issued Directive No. 10/CT-TTg dated March 25, 2025 on promoting the development of small and medium enterprises.

In order to remove barriers and difficulties, and create maximum conditions for small and medium-sized enterprises to make breakthroughs, the Prime Minister requested ministers, heads of ministerial-level agencies, government agencies, chairmen of People's Committees of provinces and centrally-run cities and relevant agencies to continue to resolutely, synchronously and effectively implement the proposed viewpoints, orientations, goals, tasks and solutions, focusing on the following key contents.

Strive to have at least 1 million more businesses by 2030

The Prime Minister requested drastic implementation of the goal of developing small and medium enterprises quickly and sustainably, increasing in quantity, quality, scale, operational efficiency and making important contributions to the economy. Strive to have at least 1 million more enterprises by 2030.

Prioritize the allocation of resources to support the development of small and medium-sized enterprises, focusing on supporting small and medium-sized enterprises to start innovative businesses, improve their competitiveness in participating in the value chain; digital transformation, green transformation, development of new business models; promoting the application of technology, innovation and digital transformation.

Relevant ministries, branches and localities must uphold their sense of responsibility, take people and businesses as the center, consider people and businesses' difficulties as their own difficulties to proactively support, accompany and resolve them in the spirit of "not saying no, not saying difficult, not saying yes but not doing", "not criminalizing economic relations and civil relations;" have high determination, make great efforts, take drastic actions, assign specific tasks in the spirit of "clear people, clear work, clear responsibility, clear authority, clear time, clear results"...

By 2025, reduce administrative procedure processing time by at least 30%.

According to the directive, one of the key tasks is to perfect policies and laws, reform administrative procedures, and create a favorable and equal investment and business environment for small and medium-sized enterprises.

Ministries, branches and localities continue to focus on resolutely and effectively implementing the tasks and solutions set out in the resolutions of the Central Committee, the Politburo, the National Assembly, the Government... to remove barriers and difficulties, creating conditions to maximize the mobilization of resources of small and medium enterprises to contribute to economic growth and development.

Minimize administrative procedures, by 2025 reduce at least 30% of administrative procedure processing time; reduce at least 30% of compliance costs; abolish at least 30% of unnecessary business conditions.

Strongly shift management from "pre-control" to "post-control," associated with strengthening inspection and supervision work.

Focus on administrative reform, quickly resolve investment procedures, remove difficulties and obstacles for businesses and projects. Promote the development of e-government and digital government to help businesses access information and public services conveniently and quickly.

The Ministry of Finance urgently completes the draft amendments to the Law on Enterprises, the Law on State Budget, the Law on Corporate Income Tax, and the Law on Special Consumption Tax; submits them to the Government to ensure timely submission to the National Assembly for consideration and approval at the 9th session of the 15th National Assembly as prescribed to thoroughly overcome current shortcomings and problems.

Research and propose a legal framework to manage and promote the healthy and effective development of digital assets, crypto assets, and digital currencies, and submit it to the Government in March 2025.

The Ministry of Science and Technology urgently completes the draft Law on Science, Technology and Innovation, the revised Law on Technical Standards and Regulations, and submits them to the Government to ensure timely submission to the National Assembly for consideration and approval at the 9th session of the 15th National Assembly as prescribed.

The Ministry of Industry and Trade shall research, develop, and propose to the Government to submit to the National Assembly for inclusion in the National Assembly's Law and Ordinance Development Program in 2025 the draft Law on Production of Key Industrial Products to promote the development of key industries in line with the context of science, technology, and innovation; report to the Government in the second quarter of 2025.

Infrastructure development facilitates the development of small and medium enterprises

Regarding the planning and development of infrastructure to facilitate the development of small and medium-sized enterprises, the Prime Minister requested ministries, branches and localities to: Focus on effectively implementing the plans and plans to implement the issued plans; develop economic corridors, industrial - urban - service belts close to new centers (Long Thanh airport, international financial center); proactively propose solutions to develop new industries (semiconductors, chips...), thereby leading and supporting the activities of small and medium-sized enterprises.

At the same time, strive to achieve the disbursement rate of public investment capital in 2025 to reach over 95% of the assigned plan, with special priority given to important and urgent projects, strategic infrastructure projects, and regional and national connectivity projects.

Improve the quality of investment preparation for projects for the 2026 - 2030 period, especially strategic infrastructure projects, the North - South high-speed railway, international connecting railways, urban railways, international transit seaports, etc.; especially promote investment by economic groups, state-owned corporations, and large enterprises to create driving forces, spread, and activate investment by small and medium-sized enterprises.

Support small and medium enterprises to access finance and credit

The Prime Minister assigned the Ministry of Finance to find effective solutions to promote lending activities of the Small and Medium Enterprise Development Fund to create a channel for capital mobilization at reasonable costs for small and medium enterprises.

Thoroughly simplify processes, procedures, and documents to support tax incentives and value-added tax refunds for businesses; research and apply post-audit methods so that small and medium-sized enterprises are not affected in terms of cash flow and business operations.

The State Bank of Vietnam resolutely implements credit programs and policies for enterprises under the direction of the Government and the Prime Minister; prioritizes stabilizing interest rates; operates monetary policies proactively and flexibly but appropriately and effectively, creating confidence for enterprises; coordinates with ministries, branches and localities to promptly remove obstacles in the implementation process.

Focusing credit on production and business sectors, priority sectors and traditional economic growth drivers (consumption, investment, export) and new growth drivers (digital transformation, green transformation, circular economy, sharing economy, science, technology and innovation, etc.); strictly controlling credit for potentially risky sectors, ensuring safe and effective credit operations.

Support small and medium enterprises to improve human resource quality and digital transformation

Regarding supporting small and medium-sized enterprises to improve the quality of human resources, digital transformation, increase labor productivity, build Vietnamese enterprise brands to expand the market and participate more deeply in the value chain, the Prime Minister requested ministries, branches and localities to effectively implement activities to support the training of high-quality human resources for small and medium-sized enterprises, focusing on training to improve qualifications and professional skills for employees at enterprises; in-depth training in business administration; training according to actual needs at enterprises; online training for enterprises.

Promote the implementation of programs and solutions to support small and medium-sized enterprises in innovation, digital transformation, green transformation, development of new economic models (circular economy, creative economy, sharing economy), emerging industries and fields (artificial intelligence, big data, cloud computing, new energy, biomedicine, cultural industry, entertainment industry...).

Further promoting the role of the Vietnam Association of Small and Medium Enterprises

According to the directive, it is necessary to further promote the role of the Vietnam Association of Small and Medium Enterprises and business associations and industry associations.

The Vietnam Association of Small and Medium Enterprises and other business associations and industry associations proactively, actively and effectively enhance their role in connecting the business community, promoting the representativeness of member businesses in participating in giving opinions, building and criticizing policies; independently monitoring, supervising and evaluating the process of building and implementing laws and development programs, plans and projects of the State related to small and medium enterprises; representing and protecting the interests of members in disputes.

At the same time, promote activities and improve the quality of support for the development of small and medium enterprises; develop a team of entrepreneurs; pioneer in promoting the building of Vietnamese business culture; strengthen connections and improve the effectiveness of international integration; strengthen connection activities, support the development of business associations and members, build a united and strong business community for a strong Vietnam.

Ministers, heads of ministerial-level agencies, government agencies, and chairmen of provincial and municipal People's Committees shall proactively focus on disseminating and developing plans to promptly and effectively implement and direct agencies, organizations, and units under their management to strictly implement the tasks stated in this Directive; take full responsibility before the Prime Minister for the implementation results of ministries, branches, and localities.