Promoting Women Entrepreneurship in Việt Nam

The Ministry of Planning and Investment and ADB on Tuesday launched the first-ever study on women-owned small and medium-sized enterprises (SMEs) in Việt Nam. — Photo courtesy of ADB

HÀ NỘI — The Ministry of Planning and Investment (MPI) of Việt Nam and the Asian Development Bank (ADB) on Tuesday launched the first-ever study on women-owned small and medium-sized enterprises (SMEs) in Việt Nam.

The report, Facilitating Entrepreneurship Growth by Lifting Barriers: A White Book on Women-owned Small and Medium-Sized Enterprises in Việt Nam, 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) programme, funded by the Women Entrepreneurs Finance Initiative (We-Fi).

At an event to launch the report, MPI Deputy Minister Trần Duy Đông said: “Women-owned businesses have a crucial role to play in Việt Nam’s efforts to achieve inclusive and sustainable development. We hope this publication will provide more significant insights into the untapped opportunities and remaining challenges facing women-owned SMEs in Việt Nam and provide a foundation for further research and policy-making initiatives to foster the continued growth and development of the sector.”

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

“Women-led small and medium-sized businesses can be a key driver of economic growth in Việt Nam 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 Việt Nam.”

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 Việt Nam. 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 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.

ADB is committed to achieving a prosperous, inclusive, resilient and sustainable Asia and the Pacific, while sustaining its efforts to eradicate extreme poverty. Established in 1966, it is owned by 68 members – 49 from the region. — VNS