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From October 15, 2021, small and medium enterprises will enjoy many new policies.

The Government promulgates Decree 80/2021/ND-CP detailing and guiding the implementation of a number of articles of the Law on Supporting Small and Medium Enterprises, effective from October 15, 2021.

Accordingly, this Decree details and guides the implementation of a number of laws on supporting small and medium-sized enterprises in terms of criteria for identifying small and medium-sized enterprises, technology support, information support, and consulting support, support human resource development, support small and medium enterprises to transform from business support, innovative start-up small and medium-sized enterprises, small and medium-sized enterprises participating in the linkage system, value chain; responsibilities of agencies and organizations in supporting small and medium enterprises.

The Decree consists of 6 Chapters and 35 Articles, which clearly stipulate the criteria for identifying SMEs and micro enterprises in the fields of agriculture, forestry and fishery, the industry and construction sector employing an average of no more than 10 employees a year participating in social insurance and obtaining the total annual revenue not exceeding 3 billion VND or the total capital of the year not more than 3 billion VND.

In which, some notable policies to support small and medium enterprises can be mentioned as follows:

Offering 50% of the contract value of technology transfer consulting for small and medium enterprises

Notably, Decree 80/2021/ND-CP stipulates that small and medium-sized enterprises are offered up to 50% of the value of technology transfer consulting contracts suitable for enterprises, but not exceeding 100 million VND/contract/year/enterprise.

Offering up to 50% of the contract value of consulting digital transformation solutions for businesses on business processes, administration, production, technology and business model transformation, but not exceeding VND 50 million/contract /year/enterprise for small enterprises and 100 million VND/contract/year/enterprise for medium enterprises;…

At the same time, offering 100% of the total cost of a training course on starting a business and up to 70% of the total cost of a business administration course for small and medium enterprises; free access and participate in online lectures available on the online training system of the Ministry of Planning and Investment and the Provincial People’s Committee;…

Free license fee for 3 years

The Government has issued Decree No. 80/2021/ND-CP of the Government detailing and guiding a number of articles of the Law on Support for Small and Medium Enterprises.

Notably, small and medium-sized enterprises converted from business households are exempt from license fees for a period of 3 years from the date of being granted the first business registration certificate.

The field of operation of an SME is determined based on the main business lines that the enterprise has registered with the business registration agency.

The state budget supports interest rates for enterprises in the form of post-investment support. Each enterprise is entitled to interest rate support for 01 production and business plan or project in the same period.

Borrowing enterprises shall be appraised and decided to lend by credit institutions in accordance with the law on lending of credit institutions.

In each period, the difference in interest rates provided by the state budget for loans to innovative start-up SMEs, SMEs participating in industry clusters and value chains through credit institutions is 2%/ year.

Decree 80/2021/ND-CP takes effect from October 15, 2021 and replaces Decree 39/2018/ND-CP.

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