HÀ NỘI — With 83.5 per cent of approval votes, the National Assembly on Monday passed the Law on Support for Small- and Medium-sized Enterprises (SMEs).

The law, with four chapters and 35 articles, regulates principles, contents and resources to support SMEs, as well as responsibilities of agencies, organisations and individuals relating to the support for SMEs.

Under the law, SMEs include micro-enterprises and small- and medium-sized enterprises with the average number of employees with social insurance being less than 200 per year. Also, these enterprises must meet one of the following two criteria, including the total investment capital not exceeding VNĐ100 billion (US$4.4 million) and the total revenue of the previous year not exceeding VNĐ300 billion; or the enterprises must be as defined in the fields of agriculture, forestry, fisheries, and industry and construction, as well as trade and services.

The law requires that the support for SMEs must respect the market rule and fall in line with international treaties of which Việt Nam is a member.

The support must be done transparently and openly in terms of contents, beneficiaries, procedures and processes, besides resources, support level and support results, according to the law.

The law will take effect from January 1, 2018.

SMEs accounts for around 97 per cent of the firms in Việt Nam.

Supervision work

Earlier the same day, the NA approved a Resolution on the NA’s supervision work in 2018 with 88.8 per cent of approval votes.

In 2018, at the fifth session of the 14th NA, the NA will review the Government report on the results of the implementation of the socio-economic development plan and State budget of 2017; the implementation of the socio-economic development plan and State budget of early months of 2018; and report on the State budget balance in 2016 and other related reports.

At this session, the NA will supervise the implementation of policies and laws on managing and using State capital and assets at State enterprises, and the equitisation of State-owned enterprises during the periods between 2011 and 2016.  —  VNS