Vietnamese PM speaks out for small firms at Asia-Pacific business forum

12:00 | 18/09/2017

Prime Minister Phuc has stepped up to the plate to back the SMEs that could drive the region's economy.

Vietnamese Prime Minister Nguyen Xuan Phuc has called for members of the Asia Pacific Economic Cooperation (APEC) to accelerate efforts to enable small and medium enterprises (SMEs) to take advantage of new trade opportunities created by digital advances in the region.

He asked them to introduce collaborative measures to improve small business competitiveness and innovation.

“The expectation and wish of Vietnam is to cooperate with APEC economies to facilitate small business innovation and access to global markets to stride forward in the digital age,” PM Phuc told the APEC Small and Medium Enterprises Ministerial Meeting (SMEMM) in Ho Chi Minh City on Friday.

SMEs account for 97 percent of all businesses and half of employment among APEC economies, he was quoted a saying in a statement issued by APEC SMEMM.

“The birth of new technologies like the internet of things, artificial intelligence, robotics, nanotechnology and 3D printing are changing mindsets as well as the way of creating wealth and the lives of people worldwide.”

“Small and medium enterprises’ technological levels, capital and management skills are still limited. These firms are very vulnerable, but they are also dynamic and adaptable,” said Phuc.

Ministers are finalizing plans to help small businesses access markets and cross-border production and supply chains in the region.

They are also detailing steps to enhance small firms’ access to technology, management training and business matching, while strengthening entrepreneurship, startup growth and business ethics.

This is the second time Vietnam has hosted the APEC summit.

Considered one of the most important events for the country this year, APEC 2017 will be a year-long event held across multiple Vietnamese cities and provinces with about 200 activities, including eight ministerial-level conferences.

It will culminate with the APEC Economic Leaders' Meeting in Da Nang in November.

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