Vietnam: When will a small and medium-sized enterprise joining in a business cluster and value chain be supported?

08:17, 23/12/2022

On June 12, 2017, the National Assembly of Vietnam officially issued the Law on provision of assistance for small and medium-sized enterprises 2017, which officially takes effect from January 01, 2018.

DN nhỏ và vừa tham gia cụm liên kết ngành, chuỗi giá trị, Luật hỗ trợ doanh nghiệp nhỏ và vừa 2017

According to Article 19 of the Law on provision of assistance for small and medium-sized enterprises 2017 of Vietnam, a small and medium-sized enterprise (SME) that joins a business cluster and value chain in production and processing area will receive assistance if it:

- creates products that gain competitive advantages in terms of quality and cost; or

- innovates the technological process, materials, spare parts, machines and equipment.

Thus, such an SME mentioned above is entitled to the following forms of assistance:

- Provision of advanced training in the production technology and technique; provision of consultancy related to technical regulations and standards, measurement and quality and strategies for product development according to business clusters and value chains;

- Provision of information about the demand for connection, production and business of SMEs joining business clusters and value chains;

- Assistance in brand development, expansion into product markets of business clusters and value chains;

- Assistance in test production, assessment, verification and certification of the quality of products of SMEs joining business clusters and value chains;

- The Government shall introduce policies on interest rate subsidy on loans taken by SMEs joining business clusters and value chains in each period. The subsidy on interest rate is provided by credit institutions.

View more details at the Law on provision of assistance for small and medium-sized enterprises 2017 of Vietnam, effective from January 01, 2018.

Ty Na

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