[REVISION HISTORY]

Vietnam SME legislative reforms and banking sector shifts

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2026-08-29 06:04 UTC → 2026-08-29 10:16 UTC · added ~~removed~~

Vietnam is advancing legislative and economic initiatives to bolster its small and medium enterprise (SME) sector. The National Assembly is reviewing a draft Law on SME Development intended to replace the 2017 Support Law. This proposed legislation marks a shift from broad, generalized assistance toward a targeted, demand-driven approach. The draft aims to build a comprehensive support ecosystem involving universities, research institutes, and financial organizations, empowering businesses to select their own support services. Recent deliberations have expanded to include optimizing tax policies to reduce financial burdens on small businesses. Proposed reforms include tiered corporate income tax rates and exemptions for low-revenue entities to stimulate innovation. Authorities are also emphasizing digital transformation and green industry standards to assist domestic firms in integrating into global supply chains. To complement these legal reforms, the government has implemented support programs for SMEs and household businesses within the e-commerce sector for the 2026–2030 period. The Ministry of Justice has approved a master plan to assist these entities in navigating digital transformation, managing legal risks, and improving governance. ~~This shift is accompanied by an increasing demand for a specialized digital workforce trained in multidisciplinary fields such as AI e-commerce and data-driven decision-making.~~ In the financial sector, domestic banks continue to pursue foreign capital and strategic shareholders. Techcombank remains in negotiations with BNP Paribas and KB Kookmin Bank, both seeking to acquire at least 15% as strategic investors. Meanwhile, VPBank is pursuing an aggressive capital expansion strategy to increase its charter capital to over 106 trillion VND. ~~Recent business~~ Regional forums in Hanoi ~~have emphasized~~ continue to emphasize that SMEs must move beyond a reliance on short-term credit, instead seeking long-term capital, technology, and international supply chain integration through mergers and ~~acquisitions to improve competitiveness.~~ acquisitions.

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