Seminar helps SMEs start business

Co-hosted by the Ministry of Planning and Investment (MPI), Ibosses Vietnam, and the Association of Chartered Certified Accountants (ACCA), the event aimed to promote economic growth based on science, technology, and innovations.

Deputy head of the MPI’s Enterprise Development Agency Bui Thu Thuy suggested that Vietnam should adopt strategies to promptly grasp trends and acquire successful lessons from countries in support of SMEs, adding that the Fourth Industrial Revolution affords developing countries rare opportunities to make new economic strides.

Chairman of Ibosses Vietnam Tang Ngoc Truong An said that compared to startup countries – such as Israel, the US, China, and Singapore – Vietnam is only in its early stages.

According to the Vietnam Chamber of Commerce and Industry (VCCI)’s startup index 2017-2018, Vietnam needs to deal with its financial and technological issues.

In the rankings of business conditions among 54 countries, Vietnam ranked fifth in terms of dynamism in its domestic market, sixth in social and cultural norms, and tenth in infrastructure.

However, the country was placed 39th in finance, 40th in business education after high school, and 34th in technological transfer.

An said SMEs and startups now receive further support from the Government, financial institutions, and the startup ecological system, yet those with international-standard governance and financial transparency are more likely to succeed.

Introducing the National Innovation Centre (NIC) to participants, An said NIC will acquire international experience as well as pool private financial resources and governance from foreign experts.

He said NIC requires effective pilot programmes and support from ministries, agencies, associations, investors, banks, and educational establishments.

ACCA Regional Consultant for ASEAN, Australia, and New Zealand Sharath Martin said SMEs need to build their own growth goals, visions, and strategies. Accordingly, growth strategies should be built on prospect forecasts as well as organisational structure and behaviors.

ACCA will introduce a set of tools for SMEs to fully tap business expansion opportunities and successfully pitch for capital.