Legal Counselling

05 prohibited actions related to provision of assistance for small and medium-sized enterprises in Vietnam

Bích Hoa

11:29, 12/01/2018

The Law on providing assistance for small and medium-sized enterprises was approved on June 12, 2017 by the National Assembly of Vietnam and officially effective from January 01, 2018.

Prohibited actions related to provision of assistance for small and medium-sized enterprises (SMEs) include:

- Failure to provide the assistance for SMEs in accordance with principles, subjects, competence, contents and procedures prescribed in regulations of law.

- Abuse of positions and power to violate regulations of law on the assistance for SMEs

- Discriminatory actions, unnecessary delay, obstructing or harassing SMEs and organizations and assistance for SMEs.

- Deliberate provision of incorrect information related to the provision of assistance for SMEs

- Failure to use the resources for intended purposes.

According to the Law on providing assistance for small and medium-sized enterprises of Vietnam, sources of funding for assisting SMEs include:

- Loans subsidized and guaranteed by the State;

- Funding provided by the state budget;

- Sources of funding from remission of taxes, fees, land rental, land levy and other financial obligations in accordance with regulations of law;

- Legal sources of capital provided by domestic and foreign organizations and individuals.

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