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A conference on a policy project to amend Vietnam’s SME Support Law was chaired by National Assembly member Phan Duc Hieu, who serves on the Economic and Finance Committee, together with Deputy Minister of Finance Nguyen Duc Tam. The meeting was described as an important preparatory step toward institutionalizing the Party’s guidelines and building a substantive, effective, and modern policy-support system for Vietnam’s most dynamic economic sector, with a focus on special mechanisms to help small and medium-sized enterprises (SMEs) grow strongly.
In his opening remarks, Phan Duc Hieu said the draft law is urgent and significant in the current context. Under the 2026 legislative program, amendments to the SME Support Law are expected to be submitted to the National Assembly for consideration and approval at the 2nd session of the 16th National Assembly in October 2026.
Phan Duc Hieu emphasized that the revision is intended not only to address issues arising after more than eight years of implementation, but also to fully institutionalize the Party’s major directions on private sector development, while promoting science and technology, innovation, and digital transformation.
The conference also highlighted the need to improve the institutional framework so it can place people and enterprises at the center, turn the legal framework into a resource and a national competitive advantage, and create an open, transparent, safe, and enforceable business environment with low costs. The goal is to design special SME support mechanisms that help the sector contribute to the two-digit growth target set out in the Party’s 14th National Congress.
The most substantive policy group focuses on removing constraints on resources, including financial and credit policies that apply a lending sandbox based on cash flow, value chains, and intangible assets rather than relying only on traditional collateral.
Other measures discussed include establishing a simple accounting regime with low compliance costs for ultra-small enterprises, defining responsibilities of local governments and infrastructure investors to reserve land for SME leases at favorable prices, and enabling SMEs to access surplus public assets (such as offices and factories) through transparent mechanisms.
In technology and digitization, the project proposes supporting shared digital platforms and providing “technology vouchers” so SMEs can conduct research themselves or order technology transfer. It also prioritizes SME participation in public procurement and in ordering strategic technologies such as AI, semiconductors, and big data.
Another group of proposals centers on building an innovation and support ecosystem through close collaboration among government, businesses, and the financial sector. This includes establishing innovation centers and business incubators and strengthening local liaison offices under a “one-stop” model.
The project also calls for comprehensive digitization and a shift in financing methods. It proposes moving from “spending by activity” to “spending by results and outcomes.” The support process would be digitized to improve openness and transparency, reduce administrative procedures, and increase accountability.
The study group said clarifications are needed on the scope of the amendments and the added value of the policies after revision. It urged the Ministry of Finance to explain more clearly the basis for the overall revision, the scope of what is inherited, the scope of new amendments, and the added value for the enterprise community.
Questions were raised about criteria for prioritizing revenue for SME designation, particularly whether the criteria are suitable for newly established enterprises or those that have not yet generated revenue. The criteria, it was noted, should reflect scale characteristics to implement effective support and align with the Corporate Income Tax Law recently passed by the first session of the 16th National Assembly, including turnover thresholds for tax exemptions under 1 billion VND.
The Economic and Finance Committee expressed concerns about potential overlaps with other sector laws, including land, investment, and budgeting. For new mechanisms such as the lending sandbox, the reviewing agency requested clarifications on risk mechanisms and feasibility given the current financial system.
For advisory, legal, and training support, the committee called for targeted assistance with clear outcome-evaluation criteria to avoid wasting resources. It was also suggested that the draft consider governance features of ultra-small businesses and the transition from household businesses, including addressing the separation of business and personal expenses to facilitate real business operations.
Under the plan, after the conference the Ministry of Finance will incorporate feedback, finalize the dossier for legal appraisal by the Ministry of Justice, and report to the Government by early May 2026. Additional regional consultations and technical meetings with parliamentary agencies will be held continuously to finalize the draft.
Source: PV; Government Portal, 04/25/2026 18:02 (GMT+7).
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