(VOVworld) – Small and medium-sized enterprises contribute more than 30% of the total state budget, account for 35% of total business investment, and generate more than 5 million jobs every year.

SMEs are in need of support from the state. (Photo: tapchicaosu.vn)

The figures were released at a meeting held in Hanoi on Wednesday to collect opinions for a draft plan for SME development until 2020.

According to the Ministry of Planning and Investment, Vietnam will have additional 450,000 newly registered enterprises, bringing the total to 750,000 SMEs by 2020.

To Hoai Nam, Deputy Chairman of the Vietnam Small and Medium-Sized Enterprise Association, called on the government to outline more policies in support of businesses.

He said that “all policies relating to SMEs should be approved by the Ministry of Planning and Investment to create a standard process which should engage professional associations and agencies representing SMEs. Policies should match the needs of SMEs.”