WORDS ON THE STREET 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.

RELATED NEWS
TAG: Vietnam news vietnam businesses 2024 vietnam mpi 2024 vietnam adb 2024 vietnam sustainable development 2024
Other news
06:23, 2024/09/27
Hanoi unveils 2024 rural industrial plans
Hanoi is expected to organize 60 major trade promotion events this year, including one-sixth abroad.
06:17, 2024/09/27
Hanoi advances supporting industries for hi-tech services
The global commercial aviation market is expected to grow at an annual rate of about 5%, with Vietnam ranking 5th globally and 1st in Southeast Asia in aviation market growth.
19:40, 2024/09/25
Vietnam’s economy remains resilient amid global uncertainties: ADB
The industrial sector continues to be a primary driver of growth, with external demand for major electronics fueling production.
16:12, 2024/09/21
Vietnam’s 9-month fruit and veggie exports match last year's sales
Thanks to growth in major markets like China, the US, and South Korea, Vietnam’s fruit and vegetable exports are expected to set a new record this year.
17:11, 2024/09/20
Growing interest from Chinese investors in Vietnam’s market
Chinese investment has primarily flowed into advanced manufacturing, technology, and professional services sectors.
17:14, 2024/09/19
Hanoi Supporting Industry Fair 2024 draws big business
Big multinationals from Vietnam, Japan, China, Thailand, and Malaysia will gather at the event, which opened on September 18.