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Financing sources in Vietnam - Essay Example

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Chapter 2 – Literature Review Factors Impacting upon SMEs in Vietnam A. State Policies for SME Growth Cultural differences and disparities in the degree of industrial development lead to diversity in the support policies of nations. It has been stated by the Central and Eastern European (CEE) nations that the development of business is critically dependent upon financial support, cluster and network associations, and infrastructure that supports business (Nguyen, et al., 2008, p…
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Financing sources in Vietnam
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Download file to see previous pages Such policy reforms have proved beneficial with regard to China, Malaysia, Indonesia and Thailand. These countries have also benefitted from network associations, cluster linkage to markets, and novel support arrangements. Policy support has been established as being crucial for the growth of SMEs in Vietnam. B. Business Support Services Privatisation emerged as a strategy for restructuring the large state owned enterprises (SOEs) into SMEs (Gibb and Lyapunov, 1996). A solution that is at variance to this initiative has been proposed by McIntyre (2002). This procedure states that the dismantling of large firms may fail to promote the growth of SMEs. This notion has been vindicated in Asia, and this can be attributed to the lack of a suitable support regime. For instance, the Chinese SMEs require the support of the large firms. Dallago and McIntyre (2003) have cited the experiences of the CEE nations to show that by themselves, the SMEs do not have the capacity to grow. The presence of institutions and supporting mechanisms that have been properly developed is indispensable for the growth of these SMEs. C. Supporting Infrastructures It has been proposed by Wattanapruttipaisan (2002) that competitiveness can be rendered not only by natural resources and location, but also by contemporary global information and knowledge. It can also be promoted by participation in clusters involving firms, supplier networks, or producers and matching products; consumers and distributors; continuous learning and enhanced flexibility and efficiency. The SMEs were furnished with a new information flow and knowledge base, due to network association. This base has the capacity to emerge as a significant model for efficient resource distribution, via policy measures emanating from the market and the state. Support of the Government in Vietnamese SME Development It was recognised, during the project’s conceptualisation in the year 1994 that the furtherance of SMEs had to be ensured. However, a comprehensive document that described the procedures to be adopted by the Government, in order to support SMEs was conspicuous by its absence. Subsequently, the accomplishments and the works supported by the project had been viewed keenly in the highest echelons. Towards the end of the year 1998 a comprehensive assessment was conducted, which disclosed that the project had significantly affected discussion and formulation of the policy related to SMEs. The Central Institute of Economic Management (CIEM), in February 1997, reviewed the administrative and legal situation in Hanoi and Ho Chi Minh City (HCMC). The emphasis was upon identifying the impediments to the formation and development of SMEs and the provision of recommendations to the Government. The CIEM, true to its calling of being an important entity in drafting policy pertaining to business, compiled and examined most of the documentation relating to the establishment, operation and dissolution of business. It also conducted panoptic interviews with SMEs, and central and local policy making agencies. In January 1998, the stakeholders completed the twin tasks of discussion and validation, and this was due to the workshops in HCMC and Hanoi. The recommendations of this report, in the context of an ...Download file to see next pagesRead More
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