70th anniversary of Hanoi's Liberation Day Vietnam - Asia 2023 Smart City Summit Hanoi celebrates 15 years of administrative boundary adjustment 12th Vietnam-France decentrialized cooperation conference 31st Sea Games - Vietnam 2021 Covid-19 Pandemic
Home / Economy / Trade - Service
Women-owned businesses crucial for Vietnam's sustainable development
Ngoc Mai 18:02, 2024/01/24
Women-led small and medium-sized businesses can be a key driver of economic growth in Vietnam as well as across Asia and the Pacific.

Women-owned businesses have a crucial role in Vietnam’s efforts to achieve inclusive and sustainable development, Deputy Minister of Planning and Investment (MPI) Tran Duy Dong shared the view at the launch of the first-ever study on women-owned small and medium-sized enterprises (SMEs) in Vietnam, jointly held by the MPI and the Asian Development Bank (ADB) on January 23.

 Overview of the launching ceremony. Photo: ADB

The report, Facilitating Entrepreneurship Growth by Lifting Barriers: A White Book on Women-owned Small and Medium-Sized Enterprises in Vietnam, was developed by ADB in partnership with the MPI’s Agency for Enterprise Development. The study is an integral part of the Women Accelerating Vibrant Enterprises in Southeast Asia and the Pacific (WAVES) program, funded by the Women Entrepreneurs Finance Initiative (We-Fi).

“We hope this publication will provide more significant insights into the untapped opportunities and remaining challenges facing women-owned SMEs in Vietnam and provide a foundation for further research and policy-making initiatives to foster the continued growth and development of the sector," said Dong.

SMEs are the backbone of Vietnam’s rapidly growing economy. In 2020, there were more than 500,000 SMEs in the country, representing nearly 98% of all businesses. But women-owned SMEs make up just 20% of the total, a disproportionately small number. The report thus seeks to tackle this imbalance by providing an evidence-based snapshot of women entrepreneurs in Vietnam to help shape future SME policy directions.

“Women-led small and medium-sized businesses can be a key driver of economic growth in Vietnam as well as across Asia and the Pacific,” said ADB Director General of the Southeast Asia Department Winfried Wicklein. “For ADB, promoting gender equality and advancing women’s economic empowerment is a top priority, so we are very pleased to have developed this study with the Ministry of Planning and Investment on promoting women-led SMEs and entrepreneurship in Vietnam.”

The study draws on a large body of knowledge and international best practices to produce a series of measures that can unleash the untapped potential of women-owned SMEs in Vietnam. These include establishing gender-disaggregated databases; incorporating women-owned SMEs more integrally into legislation like the Law on Gender Equality; exploring gender-specific measures to support the implementation of the SME Support Law; and placing greater emphasis on knowledge dissemination and awareness-raising activities that will promote women entrepreneurship and women role models.

TAG: Vietnam news vietnam businesses 2024 vietnam mpi 2024 vietnam adb 2024 vietnam sustainable development 2024
Other news
16:01, 2024/02/27
Vietnam to have 50 million e-wallets in 2024: Report
From 2018 to 2023, the number and value of transactions through e-wallets consistently grew at double-digit rates, with annual growth rates of 80.4% and 83.5% respectively.
14:48, 2024/02/26
Vietnam gears up efforts to establish domestic carbon market
The move would help achieve Vietnam’s net-zero emissions target by 2050.
08:16, 2024/02/22
Vietnam’s fruit exports gain momentum in early 2024
The export turnover is forecast to reach a record high of US$6.5 billion this year.
15:11, 2024/02/21
Vn-Index towards 1,300 in 2024: SSI
This is expected to be a year of significant volatility, with a strong recovery possibly following deep correction.
20:10, 2024/02/10
Hanoi public transport poised for breakthrough
With good vehicle quality and services, electric buses have made many passengers willing to switch from motorcycles and cars to buses.
21:01, 2024/02/08
Positive outlook for Vietnam’s consumer spending in 2024: Fitch Solutions
Vietnamese household spending is anticipated to exhibit robust growth throughout 2024, as real economic expansion resumes its more stable trajectory.