In Vietnam, small and medium-sized enterprises (SMEs) account for up to 96% of all registered businesses and contribute more than 40% of the national GDP. Yet, access to capital remains the biggest bottleneck preventing this group from scaling up and participating in global supply chains.
This article compiles the latest 2026 criteria for classifying small and medium-sized enterprises, current capital access channels and SME policies, and highlights the essential management pillars SMEs need to build to not only survive but thrive sustainably.
Vietnamese SMEs according to current state regulations
What Are Small and Medium-sized Enterprises? Classification Criteria Under 2026 Regulations
According to the Law on Support for Small and Medium-sized Enterprises, SMEs are classified into three groups: micro, small, and medium, based on three criteria: average annual number of social insurance participants, total capital, and total revenue of the previous year. The business sector determines the applicable thresholds for each criterion.
| Size | Agriculture, Industry, Construction Sector | Trade and Services Sector |
| Micro | ≤ 10 employees; Revenue or capital ≤ 3 billion VND | ≤ 10 employees; Revenue ≤ 10 billion or capital ≤ 3 billion VND |
| Small | ≤ 100 employees; Revenue ≤ 50 billion or capital ≤ 20 billion VND | ≤ 50 employees; Revenue ≤ 100 billion or capital ≤ 50 billion VND |
| Medium | ≤ 200 employees; Revenue ≤ 200 billion or capital ≤ 100 billion VND | ≤ 100 employees; Revenue ≤ 300 billion or capital ≤ 100 billion VND |
Businesses operating in multiple sectors are classified based on the sector with the highest revenue or the largest number of employees. Self-classification and accurate declaration are legal responsibilities and a prerequisite for accessing state support programs for small and medium-sized enterprises.
Why Do Small and Medium-sized Enterprises Struggle to Access Capital?
Despite their dominant role in the economy, Vietnamese SMEs face three major capital barriers.
Lack of qualifying collateral assets is the most common issue. SMEs often operate with leased assets or fast-depreciating machinery that do not meet conventional credit collateral standards.
Non-transparent financial reporting is the second barrier. Many SMEs lack the habit of preparing standardized financial statements or independent audits, making it difficult for credit institutions to assess repayment capacity and portfolio risk.
Lack of connections to investors is the third barrier, especially for SMEs seeking capital from private equity funds, international strategic partners, or angel investors. Without structured access channels, many promising businesses remain excluded from the global capital game.
Difficulty in accessing capital: a challenge or an advantage for SMEs?
Policies for Small and Medium-sized Enterprises: Current State Incentives
To address the capital bottleneck, current SME policies in Vietnam offer several practical incentives that businesses should actively leverage.
Corporate income tax (CIT) exemption for newly established enterprises: Effective from early 2026, newly registered SMEs are exempt from CIT for 3 years from the date of issuance of the Business Registration Certificate. For businesses converting from household businesses, the exemption period is 2 years from the date taxable income arises.
Extension of tax and land rent payments: During economic difficulties, the Government issues resolutions allowing SMEs to defer payment deadlines for VAT, CIT, personal income tax, and land rent, helping businesses preserve short-term cash flow.
Targeted and fair support: Many incentives are granted on a “multiple conditions, choose the most beneficial” principle. SMEs meeting multiple criteria can select the highest level of support for the same item.
Capital Support for Small and Medium-sized Enterprises from Non-state Channels
Beyond state SME policies, SMEs can access capital through increasingly popular non-governmental channels in Vietnam.
Local credit guarantee funds serve as a mechanism to facilitate bank loans. This is the most suitable channel for SMEs lacking sufficient collateral but having stable business cash flow.
Peer-to-peer lending platforms and credit fintech are narrowing the gap between SMEs and capital sources by assessing based on real business data rather than traditional collateral. This trend is especially suitable for the development of small and medium-sized enterprises in e-commerce and digital services.
Angel investors and venture capital funds are appropriate channels for SMEs with innovative business models and high growth potential. However, accessing these requires transparent financial records, a clear strategy, and persuasive presentation skills before investment boards.
Development of Small and Medium-sized Enterprises: Four Essential Management Pillars to Build
Sustainable development of small and medium-sized enterprises depends not only on capital access but also on a solid internal management foundation. The table below summarizes the four essential pillars every SME needs to systematically build.
| Management Pillar | Core Content | Impact on Capital Access |
| Finance – Accounting – Tax | Standardized financial reporting, internal & external audits, cash flow management, related-party transactions | Increases credibility with banks and investors |
| Legal & Compliance | Complete legal documentation, trademark protection, barcode registration, periodic reporting | Ensures eligibility for state support programs |
| Labor Relations | Salary scales, labor contracts, social insurance, personal income tax, labor regulations | Enhances organizational reputation, reduces legal risks |
| Market & Partner Connections | Sourcing domestic & international B2B partners, international trade promotion | Expands revenue, improves financial indicators for fundraising |
Key governance factors for SMEs
GMAJOR Accompanies Small and Medium-sized Enterprises in Reaching Global Markets
Access to capital is a necessary condition, but the sufficient condition for sustainable development of small and medium-sized enterprises is the ability to expand markets and build deep international partner networks. That is why GMAJOR, the global online B2B connection platform, was built to help Vietnamese SMEs connect with the right partners, in the right markets, at the right time, eliminating language and geographic barriers in a meaningful way.
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