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Vietnam SME legislative reforms and banking sector shifts

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2026-09-30 02:48 UTC → 2026-10-17 03:24 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, marking a shift toward a targeted, demand-driven approach. ~~During the first specialized meeting of the 16th National Assembly, delegates discussed specific mechanisms to ensure support is effective during profitable periods.~~ A primary point of debate involves the proposed three-year corporate income tax exemption. ~~Some~~ While some legislators ~~have~~ previously suggested that this exemption should commence from the first year an enterprise generates taxable income, ~~rather than~~ the Ministry of Finance has drafted a version where the exemption begins from the date the enterprise is first issued its business registration certificate. The Ministry of Finance argues this period is critical because businesses often face high initial ~~business registration.~~ costs for machinery, factories, technology, and human resources while revenue and profits remain unstable. The policy aims to allow businesses to retain profits for reinvestment, production expansion, and increased competitiveness. Additionally, the draft proposes applying lower corporate income tax rates for micro and small enterprises compared to standard rates. The draft law categorizes SMEs into micro, small, and medium enterprises based on annual average labor, total capital, or previous year revenue. Further legislative proposals include a “voucher” mechanism consisting of non-transferable certificates designed to reduce specific costs, such as land rent. Under this proposal, SMEs could receive a minimum 30% reduction in land rent for the first five years, with the state reimbursing infrastructure developers. ~~Experts emphasized that these vouchers must reduce actual out-of-pocket expenses without creating excessive administrative procedures.~~ To support broader growth, regional authorities are prioritizing infrastructure and brand ~~development. In Quang Ninh, officials are implementing resolutions to drive economic growth, aiming for a GRDP growth rate exceeding 12.5% by 2026. Meanwhile, Hanoi has launched a~~ development, such as Hanoi’s strategic program to support 84 craft villages in building brands and securing intellectual property ~~rights to enhance international competitiveness.~~ rights.

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