Developing an ecosystem to support sustainable business for SMEs

DNHN - A new draft circular from the Ministry of Finance is designed to promote sustainable business activities in the private sector.

The Ministry of Finance is currently collecting public comments on the draft circular that provides guidance on the management and use of state budget funds for the “Program to Support Private Sector Enterprises in Sustainable Business Practices for the 2022-2025 Period” (Program 167). This program, established under Decision 167/QD-TTg dated February 8, 2022, by the Prime Minister, aims to foster sustainable business activities within the private sector.

The draft circular outlines principles for managing and spending the budget transparently, efficiently, and economically, in compliance with legal regulations on the state budget, and in accordance with the National Assembly's and Government's resolutions and relevant guidelines. Program activities will be integrated with other initiatives to optimize resources and ensure targeted and appropriate expenditures. Agencies implementing Program 167 will be accountable under the law for the rationale, efficiency, and transparency of fund usage, maintaining records per regulations and ensuring clear and complete accounting of all transactions.

The draft circular also details expenditure categories, including:

Developing sustainable business materials: This will encompass toolkits, journal publications, television programs, and artistic works such as paintings, posters, and banners to raise awareness of sustainable business models.

Organizing conferences, seminars, and discussions: These events, held in-person, online, or in hybrid formats, aim to share information and experiences and create networking opportunities for businesses with financial institutions, investors, and experts both domestically and internationally, encouraging the adoption of sustainable business models.

Training and capacity building for management officials: These training sessions are intended to enhance the capabilities of government officials in supporting and managing sustainable business practices.

Building a network of advisory experts: This network will support small and medium-sized enterprises (SMEs) in establishing and maintaining sustainable business models.

The draft also specifies spending limits for each item. Expenses for developing materials will follow Circular 76/2018/TT-BTC; conference and seminar costs will comply with Circular 40/2017/TT-BTC; training and capacity-building expenses will adhere to Circular 36/2018/TT-BTC and supplementary documents, while expenses for building expert networks will follow Decree 80/2021/ND-CP and Circular 52/2023/TT-BTC.

This circular is expected to create a stable and suitable financial mechanism to support Vietnam’s private enterprises in achieving sustainable development, contributing to environmental protection and the establishment of a green economy in the future.

Linh Anh