To adapt to the digital transformation process, lawyer Bui Van Thanh, head of New Sun Law Office, decided to invest in advanced software solutions with the aim of modernising client management and document systems. However, the results were limited as it proved difficult to effectively integrate these solutions into the firm's daily operations.
Simplifying tax and accounting procedures
Having reviewed the draft revised Law on Support for Small and Medium-sized Enterprises, which is currently being circulated by the Ministry of Finance for public consultation, Thanh expressed hope that digital transformation would not be viewed merely as purchasing software or applying technology. Instead, it should focus on improving business management practices and addressing the practical challenges faced by enterprises.
Specifically, he suggested solutions that are aimed at strengthening core management capabilities and helping businesses to adjust their operating models and use technology as a tool to enhance productivity.
According to Thanh, the key objective of the law revision should be to shift from a mechanism that merely allows businesses to survive to one that actively supports development. Policies should be accessible to all eligible enterprises to ensure fairness, eliminate the "ask-give" approach, and move towards service provision and commissioned support. This could include accounting, legal, technology, and quality-management consultancy services, as well as model management systems that small businesses can readily adopt.
A review of the draft law's new provisions indicates a notable shift in policy thinking, with major orientations and specific support measures designed to better align with the practical needs of SMEs.
For example, regarding businesses converted from household businesses, the draft expands support measures in a more comprehensive manner to help achieve the target of two million enterprises by 2030, as set out in Politburo Resolution No. 68-NQ/TW.
The proposed support includes simplified tax declaration, tax payment, accounting, and reporting regimes applicable to micro-enterprises, as well as accounting service support during the initial transition period.
Businesses would also receive assistance in transferring tax data, invoices, social insurance records, and credit histories; exemptions from enterprise registration fees and first-time business registration publication fees; and priority access to training, consultancy, legal support, and legal compliance assistance during the first year after conversion.
According to economic experts, these changes are particularly significant at a time when the tax policy framework is undergoing substantial reform.
Encouraging lending secured by digital and virtual assets
One of the most closely watched aspects of the draft law is the policy package aimed at improving access to finance and credit.
The Ministry of Finance has proposed mechanisms to encourage credit institutions to increase lending to SMEs by diversifying acceptable forms of collateral. These include loans secured by future assets, property rights, intangible assets, digital assets, and virtual assets.
The proposed measures are intended to unlock resources for the private sector in line with Politburo Resolution No. 68-NQ/TW while creating additional financing opportunities for technology firms and innovative start-ups.
The provision is widely viewed as a significant step towards helping SMEs mobilise capital, accelerate growth, and contribute to the country's goal of achieving double-digit economic growth in the coming years.
According to Nguyen Van Than, Chairman of the Viet Nam Association of Small and Medium Enterprises, the private business community currently faces three major challenges: access to capital, access to land, and administrative procedures.
To remove these bottlenecks, he said that besides establishing an effective legal framework, authorities must focus on implementing policies efficiently. The state should shift from a management-oriented mindset to one centred on facilitation and partnership, thereby giving people greater confidence to invest in production and business activities, unlocking private resources, and supporting stronger economic growth.
Sharing a similar view, lawyer Bui Van Thanh noted that while the legal framework for SME development is largely in place, the key issue is the absence of a coordinated implementation ecosystem capable of delivering the expected outcomes.
He suggested that the comprehensive revision of the Law on Support for Small and Medium-sized Enterprises should involve broader consultations with economic experts, the business community, and industry associations in order to address the real bottlenecks, unlock resources, and create stronger momentum for the private sector.
