Hanoi (VNA) – Prime Minister Le Minh Hung has called on small and medium-sized enterprises (SMEs) to strengthen their capabilities, expand their scale and become a solid foundation and a steady pipeline for medium-sized and large businesses, contributing to the country’s growth targets.

The PM made the remarks at a ceremony held in Hanoi on August 25 to mark the 20th anniversary of the Vietnam Association of Small and Medium Enterprises (VINASME), during which the Government leader presented the association with the first-class Labour Order in recognition of its outstanding contributions to economic development, social welfare, humanitarian activities and the application of scientific and technological advances.

PM Hung praised the association for representing the voice of SMEs, contributing to policymaking, providing business support, promoting trade and investment, developing human resources and connecting domestic businesses with international partners.

He stressed that Vietnam is pursuing strategic development targets for 2030 and 2045 and must first achieve double-digit economic growth. He urged the private economic sector to become larger in scale, more productive, stronger in technology and more deeply integrated into value chains as well as domestic and international markets.

In this process, SMEs must become a solid foundation and a steady pipeline for larger enterprises, he stated.

The PM asked ministries, agencies and localities to improve the business environment more substantively, eliminate unnecessary and overlapping regulations, simplify administrative procedures and reduce compliance costs and time, particularly in taxation, customs and land-related procedures.

The Government will assign the Ministry of Finance to promptly issue detailed regulations for enforcing the amended Investment Law, adopted by the National Assembly in August 2026, and work with relevant agencies and VINASME to finalise bills for consideration at the October session. Particular attention will be paid to the draft Law on SME Development, with breakthrough policies suited to the market mechanism and international practice, he affirmed.

He called for unlocking and diversifying sources of resources for SMEs, including capital, land and production premises, while facilitating their access to infrastructure, innovation hubs and shared support services.

The State Bank of Vietnam was asked to direct credit institutions to develop products suited to different groups of businesses and priority sectors, make greater use of data and technology in credit assessment and shorten processing times, thereby improving SMEs’ access to finance.

Alongside, PM Hung stressed the need for a decisive shift in science – technology, innovation, digital transformation and green transition.

He requested promoting supply-chain linkages and market expansion, and encouraging large and foreign-invested enterprises to increase domestic sourcing, place orders with Vietnamese suppliers, transfer technology and train local businesses so that SMEs can join supply chains.

The PM urged VINASME to strengthen its role as a bridge between the State and businesses, helping turn policies into concrete programmes and services. The association should also facilitate links among SMEs and between SMEs and large enterprises, foreign-invested companies, banks, investment funds, research institutes, universities and international organisations.

PM Hung said SMEs must nurture greater ambitions and proactively upgrade themselves, advising them to make science and technology, innovation, digital and green transformation, and high-quality human resources key drivers of productivity.

The PM called for a shift from a purely competition mindset towards greater cooperation and connectivity, encouraging SMEs to join industry clusters and supply chains and build partnerships with large and foreign-invested companies, research institutes and universities.

PM Hung reaffirmed that the Government will continue to accompany businesses, protect their rights and legitimate interests, maintain a transparent, fair and stable investment environment, and work with the business community to remove obstacles, unlock resources and expand development space.

At the ceremony, PM Hung also presented the first-class Labour Order to VINASME Chairman Nguyen Van Than and joined others in launching the VINASME digital platform, a strategic initiative aimed at transforming business support from traditional methods towards comprehensive digital solutions and building an ecosystem linking the Government, the association and businesses.

According to Than, from an initial membership of 300 businesses and two provincial cooperative alliances, VINASME now represents more than 65,000 members through 54 member associations in 34 provinces and cities, alongside representative offices, specialised departments, support centres, research institutes and other affiliated units./.