Vietnamese Ministry and Asian Development Bank Launch Comprehensive Study on Women-Owned SMEs in Vietnam

A White Book on Women-Owned Small and Medium-Sized Enterprises in Vietnam

Background:

In a concerted effort to shed light on the contributions and challenges faced by women entrepreneurs in Vietnam, the Ministry of Planning and Investment (MPI) and the Asian Development Bank (ADB) have collaborated to produce a groundbreaking study on women-owned small and medium-sized enterprises (SMEs) in the country. The report, titled “Facilitating Entrepreneurship Growth by Lifting Barriers: A White Book on Women-owned Small and Medium-Sized Enterprises in Vietnam,” stands as a testament to the significance of fostering inclusive economic growth and empowering women in business. Developed in partnership with the MPI’s Agency for Enterprise Development, this study forms an integral part of the Women Accelerating Vibrant Enterprises in Southeast Asia and the Pacific (WAVES) program, generously funded by the Women Entrepreneurs Finance Initiative (We-Fi).

Significance:

Women-owned businesses are not just mere economic entities; they are catalysts for inclusive and sustainable development in Vietnam. This report seeks to delve into the untapped opportunities and challenges faced by these enterprises, providing valuable insights to policymakers and stakeholders alike. By serving as a foundation for further research and policy-making initiatives, the study aims to foster the growth and development of the women-owned SME sector, contributing to a more equitable and prosperous Vietnam.

SME Landscape in Vietnam:

SMEs are the lifeblood of Vietnam’s rapidly expanding economy. In 2020, over 500,000 SMEs operated within the country’s borders, accounting for an astounding 98% of all businesses. However, despite their significant contribution to the economy, women-owned SMEs constitute only a fraction of this vast landscape, representing a mere 20% of the total. This stark gender disparity highlights the urgent need to address the barriers that hinder women entrepreneurs from reaching their full potential.

Objectives of the Study:

The study embarks on a mission to address the gender imbalance by providing a comprehensive and evidence-based snapshot of women entrepreneurs in Vietnam. It aims to illuminate the challenges they face, identify untapped opportunities, and propose actionable recommendations to support their growth. The findings of this study will serve as a guiding light for future SME policy directions and initiatives, creating a more conducive environment for women-led businesses to thrive.

Key Findings and Recommendations:

Drawing upon extensive knowledge and international best practices, the study proposes a roadmap of measures to unlock the untapped potential of women-owned SMEs in Vietnam. These measures, meticulously crafted to address the specific barriers faced by women entrepreneurs, include:

– Establishing gender-disaggregated databases to collect comprehensive data on women entrepreneurs, enabling policymakers to make informed decisions based on accurate information.

– Incorporating women-owned SMEs more integrally into legislation such as the Law on Gender Equality, ensuring that their needs and concerns are adequately addressed.

– Exploring gender-specific measures to support the implementation of the SME Support Law, creating a level playing field for women entrepreneurs to compete and succeed.

– Emphasizing knowledge dissemination and awareness-raising activities to promote women entrepreneurship and role models, inspiring a new generation of women to embark on entrepreneurial journeys.

ADB’s Commitment to Gender Equality:

The Asian Development Bank stands firmly committed to achieving a prosperous, inclusive, resilient, and sustainable Asia and the Pacific. Recognizing the transformative power of gender equality, ADB prioritizes the economic empowerment of women as a key driver of development. Its partnership with the Vietnamese government in conducting this study reflects this commitment, demonstrating a shared vision for a more inclusive and equitable Vietnam.

Conclusion:

The launch of the white book marks a pivotal moment in recognizing the immense contributions of women-owned SMEs to Vietnam’s economy. The study provides a wealth of valuable insights and recommendations to support the growth and development of women entrepreneurs in the country, paving the way for a more prosperous and inclusive future. ADB’s involvement highlights its unwavering commitment to fostering gender equality and inclusive economic growth in the region, ensuring that women are empowered to reach their full potential as entrepreneurs and leaders.