The Asia-Pacific Economic Cooperation (APEC) member economies have adopted the Support Industry Initiative proposed by Japan and Vietnam.
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Mac Quoc Anh, Vice Chairman and General Secretary of the Hanoi Small and Medium Enterprises Association, underscored the importance of the initiative because 97% of Vietnamese businesses are small and medium-sized enterprises (SMEs).
He said supporting SMEs is a necessary task, saying that they create jobs, value and stability while State-owned enterprises attract as much as 80% of domestic capital but create a mere 20% of value.
Luong Hoang Thai, head of the Ministry of Industry and Trade’s Multilateral Trade Policy Department, described the development of the support industry as a strategic choice of APEC member economies.
He added that one of the pillars of APEC Year 2017 is creating a driving force for its member economies to further integrate into the regional and global supply, manufacturing and value chain while promoting support industries and services.
