Hanoi (VNA) – Vietnam is one of the most favourable markets for female entrepreneurs with the most effective networks of women-owned 𒀰enterprises in the Assoc🍨iation of Southeast Asian Nations (ASEAN), an official has said.

Tran Duy Dong, Deputy Minister of Planning and Investment, made the remarks at the launch of the first-ever study on women-owned small- and medium-sized enterprises (SMEs) in Vietnam on January 23. During the 2012-2022, the number of women-owned SMEs grew at an average rate of 2% annually, higher than the average growth rate of the business sector, he said. The report, named "Facilitating Entrepreneurship Growth by Lifting Barriers: A White Book on Women-owned Small- and Medium-sized Enterprises in Vietnam", was developed by the Asian Development Bank (ADB) in partnership with the Ministry of Planning and Investment (MPI)’s Agency for Enterprise Development. It 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). The Deputy Minister said SMEs account for 98% of the country’s total businesses, of which women-owned SMEs make up 20%. This sector plays an important role in creating jobs, improving incomes for workers, contributing positively to poverty reduction and promoting economic growth. From a social development perspective, these enterprises have contributed to enhancing the status of women, increase investment in health and education for children, especially girls, thereby increasing social benefits and aiming towards sustainable development goals. Currently, most women-owned businesses are in micro and small scale, he noted, elaborating that the number of large-scale enterprises which are capable of leading supply chains are limited.

Many businesses have difficulties in accessing resources while there are still limitations in business capacity and management skills. Besides, female entrepreneurs have to face challenges and barriers stemming from some social prejudices and traditional customs.

He expressed his hope that this publication will provide more significant insights into the untapped opportunities and remaining challenges facing women-owned SMEs in the country and create a foundation for further research and policy-making initiatives to foster the continued growth and development of the sector.

Women-led SMEs 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 entrepreneursh💞ip and women role models./.