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Vietnam deployed P2P Lending to support SMEs

Vietnam deployed P2P Lending to support SMEs

Saturday 04, 07 2020
Recently, the Government Office issued a document No. 5225 / VPCP-DMDN on promoting the implementation of the law on supporting Small and Medium Enterprises (SMEs).

The recent evolution of the Covid-19 pandemic has seriously affected the production and business activities of people and businesses, especially SMEs. Therefore, the Prime Minister asked ministries, ministerial agencies, localities, and associations to promote effective implementation of the Law on SME Support, in order to facilitate SMEs to overcome difficulties and maintain and restore production and business activities. In particular, a remarkable task that the Prime Minister requested the State Bank of Vietnam (SBV) to implement is to research the solution of peer-to-peer lending (P2P Lending) to support SMEs to access loans.

P2P Lending (Peer-to-peer) or peer-to-peer lending is a new financial solution based on the sharing of capital use rights, allowing borrowers and lenders to connect directly to each other, There is no need to go through any other intermediary financial institution.

Earlier, the SBV said that from 2021, the industry is expected to test seven fintech areas including P2P Lending. The trial period offered by the SBV earlier is 1-2 years.

Also in the document issued by the Government Office, in order to support SMEs, the Prime Minister requested the Ministry of Planning and Investment to research and revise Decree No. 39/2018 / ND-CP on March 11 / 2018 details a number of articles of the Law on Supporting SMEs to complete the legal basis for implementing the supporting contents of the Law, ensuring consistency with the current legal provisions.

At the same time, the Ministry of Planning and Investment is also proposed to chair and coordinate with relevant agencies to study and allocate state budget capital to implement programs and projects to support SMEs, including " The program to support SMEs to start their businesses creatively and join industry clusters and value chains in the 2021-2025 period "after being approved by the Prime Minister.

Regarding the tasks of the Ministry of Finance, the Prime Minister requested the Ministry to guide the early implementation of the National Assembly's Resolution on the reduction of paying corporate income tax of 2020 for small and micro enterprises after being approved by the national assembly the association issued; continue to research and formulate policies on SME income tax to support SMEs in the process of drafting the Law on Amending and Supplementing the Law on Corporate Income Tax to ensure consistency with the Law on Supporting to SMEs;

Urgently submit to the Government the decree on organizing the operation of the local development investment fund strictly according to the guidance in Resolution No. 41 / NQ-CP of June 14, 2019, in which further consideration is given to the fund. development of localities to invest in innovative start-up SMEs according to the provisions of Decree No. 38/2018 / ND-CP of March 11, 2018, detailing investments for SMEs to start up creatively and ensure appropriate with the fund's financial resources and its management and supervision capabilities.

Vietnam deployed P2P Lending to support SMEs

In addition, the Ministry of Finance is also required to guide local tax departments to apply the 3-year license tax exemption for businesses transformed from business households in accordance with the Law on SME Support; to promulgate detailed guidelines on tax policies, procedures and accounting for enterprises transformed from business households; disseminating policies on land rent exemption and reduction for the development of industrial clusters according to the land law.

The Prime Minister asked the Ministry of Science and Technology to urgently issue a Circular to guide the establishment of incubators, technical facilities, and common working areas in accordance with the Law on SME Support; formulating and promulgating criteria for recognizing organizations and individuals in the network of measurement consultants in the field of science and technology; criteria for recognizing organizations and individuals eligible for technology transfer services in the field of science and technology in order to support SMEs.

Source: Vietnam Finance

Categories
Banking & Finance

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