There are three main challenges that small and medium-sized enterprises in Viet Nam face with the advent of the fourth industrial revolution, a senior member of the US-ASEAN Business Council has said.They are greater access to domestic and international markets to be a part of the global supply chain, access to technology and information communication tools, and access to finance, Michael Michalak, senior vice president of the council, told a workshop in HCM City yesterday.The workshop, organised by the Viet Nam Chamber of Commerce and Industry (VCCI) and the council, was meant to be a platform for SMEs, business groups and organisations to discuss opportunities and challenges for small firms in Viet Nam.Tran Vinh Tuyen, deputy chairman of the HCM City People’s Committee, said though SMEs are the backbone of Viet Nam’s economy — with around 97 per cent of Vietnamese firms being small or medium-sized — they still face many challenges with respect to management, human resource training, commercialisation and adoption of new technologies.US Ambassador to Viet Nam, Ted Osius, said: “SMEs, not SOEs, will grow Viet Nam’s economy. That’s why it is important to help SMEs.”He said to do so three things must be achieved. The first, he… Read full this story
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