Developing small and medium enterprises in Thua Thien Hue province in new context

Abstract

Small and medium enterprises (SMEs) are playing a significant role in solving job issues, renewing technology, improving the business environment, and maintaining social stability and economic growth in each locality and country. Research in Thua Thien Hue province shows that, in the period 2017–2021, the development situation of SMEs have many changes. In the early years of the period, SMEs had a positive development with the increase of the indicators of total capital, revenue and profit. However, under the impact of natural disasters and the Covid-19 epidemic, which affected the development of SMEs, the number of businesses decreased, and the state of businesses shutting down took place continuously; Revenue and profit dropped sharply. In the new context, the post-pandemic recovery, the process of accelerating the application of the achievements of the fourth industrial revolution, especially the trend of digital economy development and digital transformation have brought SMEs many advantages and new challenges. On the basis of the analysis and assessment of the development situation of SMEs in Thua Thien Hue province, the study proposes basic solutions to improve the adaptability of SMEs in the new context.