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President urges SMEs to engage in global value chain

President urges SMEs to engage in global value chain

To that end, he suggested the SMEs apply scientific-technological advances and work to raise productivity as well as governance capacity and competitiveness so as to secure a firm niche in the domestic market in the context of international integration.

At a meeting with representatives of the SMEs on the occasion of the 12th Vietnamese Entrepreneurs’ Day in Hanoi on October 25, the President called on the firms to obey the law, build business culture and actively participate in social welfare and poverty reduction.

He also asked the Vietnam Association of SMEs to act as a bridge between the businesses and State agencies.

Meanwhile, ministries, agencies and localities were requested to pay increasing attention to removing obstacles faced by the SMEs and streamline administrative procedures in order to create a favourable business climate.

President Quang stressed the need to boost connectivity between enterprises and businesspeople, and create national, regional and global supply, production and value chains.

“The 21st century marks the development of the knowledge-based economy. Vietnam boasts multiple potential and strengths that have yet to have been utilised, especially human resources,” the leader said, noting his hope that the SMEs will carry forward such advantages to gain greater achievements.

The Party and State have set forth many policies and guidelines encouraging the development of the business circle during national construction, protection and development, he said.

He spoke highly of the SMEs’ role and position in the national economy as well as their contributions to social welfare and poverty reduction in the country.

The Vietnam Association of SMEs brings together 62,000 member businesses with four representative offices abroad and 55 provincial chapters.

SMEs make up over 97% of the total number of enterprises nationwide. They have generated various jobs, especially in rural areas, and contributed 40% of the national gross domestic product (GDP).