Dang Huy Dong, Deputy Minister of Planning and Investment of Vietnam, highlighted the role of SMEs, saying they account for 98 percent of all firms and have been playing an important part in economic development and employment generation.  He noted that SMEs are a significant source of innovation, and the engine for economic growth in the Asia Pacific region.

Participants discussed examples of entrepreneurship, innovation and access to finance, business ecosystems and market access for SMEs development. They analyzed potential for practical cooperation and identified priority areas to strengthen SMEs competitiveness throughout the APEC region.

Nguyen Hoa Cuong, Deputy Director of the Business Development Department of the Ministry of Planning and Investment, said: “Vietnam’s important initiative is how to support start-ups. It shows the government’s interest in newly established businesses. It’s an important piece of the APEC Small and Medium Enterprises Ministerial Meeting.”