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Due to the growing number of small and medium businesses (SMEs) and their need for support and incentives, the Ministry of Planning and Investment issued two Circulars, namely Circular No. 06/2019/TT-BKHĐT and Circular No. 05/2019/TT-BKHĐT on the 29th of March 2019. The first Circular provides guidelines for the operations and organisation of the consultant network, and provides support through consulting to SMEs, and the second circular provides guidelines for subsidies for training courses for SMEs owned by females.

To fully understand the situation of Vietnamese SMEs we find important to remind to our readers the criterio that define an SME in Vietnam. As per the law, an SME is defined as micro, small, and medium-sized enterprises having no more than 200 employees registered within the state social insurance system and with a total capital not exceeding US$4.4 million (100 billion VND) per year.

According to the latest statistics, the Vietnamese GDP amounted to 244,95 billion US dollars in 2018 with nearly 600,000 registered enterprises, of which nearly 97% were SMEs and contributed to 47% of the GPD. Taking into account the fact that SMEs have generated more than 9 million jobs up to this date it is easy to understand that SMEs play a key role in the local economy, and therefore the Government is making strong endeavours to reform the Vietnamese system and support those enterprises, as they are still facing difficulties in terms of credit, human resources, market access, and competition with foreign firms.

As the Government understood the crucial role of SMEs in the Vietnamese economy, it set the aim of reaching one million registered enterprises in Vietnam by 2020, and to do so it is constantly doing efforts to facilitate SMEs existence and operations.

Circular No. 06/2019/TT-BKHĐT: providing SMEs with consulting support
Circular No. 06/2019/TT-BKHĐT defines the term “consultant network” as a group of consultants and consultancies specialised in various sectors so as to provide SMEs with support. It provides guidelines and instructions on rules related to the consultant network providing advice and support to SMEs.

The Circular provides criteria to benefit from subsidized support from the consultant network. So as to benefit from consulting services an SME must submit a dossier as follows:

A copy of the business registration certificate;
A consulting service agreement with the business and/or consultant belonging for the consultant network.
If the dossier is accepted, then the SMEs can benefit from the following subsidies:

Micro enterprises can get a 100 percent subsidy but not exceeding US$128 (around 3 million VND) per year;
Small enterprises are entitled to a subsidy of 30 percent of the consultancy contract amount but not exceeding US$213 (5 million VND) per year;
Medium enterprises are entitled benefit from a subsidy of 10 percent of the contract value but not exceeding US$426 (10 million VND) per year.
According to this Circular, the Ministry of Planning and Investment is also expected to launch an online platform to register organizations and individuals in the consultant network. Thanks to this platform SMEs will be able to look for information in the consultant network. Then if an individual wants to apply and be a part of the consultant network, the person will have to submit a CV, training certificate, experience record, and other supporting documents. In the case of a consulting organization, it will have to submit its business registration certificate, files proving experience, and any other relevant documents. After the submission of this application, the relevant authority will then consider the application and publish the results on its website within 10 working days.

Circular No. 05/2019/TT-BKHĐT: providing women-owned SMEs with training incentives
Circular No. 05/2019/TT-BKHĐT enables SMEs owned by women to benefit from subsidies for Human Resources. A SME owned by women as per the law is an enterprise that is owned by one or more women who own a minimum of 51 percent of its charter capital. Those are the different subsidies established by the Circular:

SMEs shall be entitled to a 100 percent subsidy aiming at covering expenses for training in entrepreneurship, business administration, and advanced business administration for women working SMEs owned by women;
SMEs located in extremely disadvantaged areas as defined in Decree No. 118.2015/NĐ-CP shall be entitled to a 100 percent subsidy aiming at covering expenses for training courses for employees;
SMEs shall be entitled to a subsidy of minimum 50 percent of expenses for the organisation of training courses in entrepreneurship and business administration.

If you have any questions concerning Vietnamese laws, business in Vietnam or any other related topic, and/or if you are interested in our Company's services, feel free to contact us by email: info@vietaustralia.com, or you can reach us by phone at (+84) 0848770777.

Viet Australia's Auditing Ltd. team

Vietnam Australia
Viet Australia Auditing Company es una organización de auditoría independiente autorizada y establecida en 2007 en la República Socialista de Vietnam.