The ASEAN SME Transformation Survey says SMEs in Vietnam have made technology their top investment priority. (Photo: VNA) HCM City, (VNS/VNA) - Small-and medium-sized enterprises (SMEs) in Vietnam have made technology their topinvestment priority to ensure growth, according to the ASEAN SME TransformationStudy.
The study, conducted by Singapore’s United Overseas Bank (UOB), EY and Dun& Bradstreet, found that close to three in five Vietnamese SMEs favourinvestments in technology over traditional areas such as factories or machineryas they seek growth opportunities in the digital economy.
Of them, 71 percent said they would invest in software such as mobileapplications and digital marketing since these would improve customer experienceand increase customer loyalty.
Hardware and infrastructure investments ranked second at 64 percent.
Harry Loh, chief executive officer, UOB Vietnam, said: “The study shows thatVietnamese SMEs recognise the important role that technology plays in helpingbuild sustainable businesses and improving their competitiveness.
“While it is encouraging to see SMEs placing urgency on technology investmentsover conventional fixed asset spending to deepen their digital capabilities,SMEs must also ensure that they explore and understand the full range ofdigital solutions in the market to ensure the effective use of theirresources.”
The majority of Vietnamese SMEs -- 86 percent -- surveyed also viewedtechnology as a way to improve cost management over other options such asreducing overheads and sourcing from cheaper suppliers.
SMEs in Vietnam also seek to use technology to simplify their banking needs.Almost four in five SMEs indicated a preference for online options whenapplying for financial products or services such as business loans.
The study also found that Vietnamese SMEs are confident of revenue growthdespite global economic headwinds and challenges such as a shortage of talent.
Two in three Vietnamese SMEs expect revenue growth this year, with one in threeanticipating double-digit growth.
The ASEAN SME Transformation Study was done late last year by polling 1,235SMEs across the six largest ASEAN countries -- Indonesia, Malaysia, thePhilippines, Singapore, Thailand, and Vietnam -- to understand how they arepreparing for growth and adapting to the changes ahead. — VNS/VNA
The study, conducted by Singapore’s United Overseas Bank (UOB), EY and Dun& Bradstreet, found that close to three in five Vietnamese SMEs favourinvestments in technology over traditional areas such as factories or machineryas they seek growth opportunities in the digital economy.
Of them, 71 percent said they would invest in software such as mobileapplications and digital marketing since these would improve customer experienceand increase customer loyalty.
Hardware and infrastructure investments ranked second at 64 percent.
Harry Loh, chief executive officer, UOB Vietnam, said: “The study shows thatVietnamese SMEs recognise the important role that technology plays in helpingbuild sustainable businesses and improving their competitiveness.
“While it is encouraging to see SMEs placing urgency on technology investmentsover conventional fixed asset spending to deepen their digital capabilities,SMEs must also ensure that they explore and understand the full range ofdigital solutions in the market to ensure the effective use of theirresources.”
The majority of Vietnamese SMEs -- 86 percent -- surveyed also viewedtechnology as a way to improve cost management over other options such asreducing overheads and sourcing from cheaper suppliers.
SMEs in Vietnam also seek to use technology to simplify their banking needs.Almost four in five SMEs indicated a preference for online options whenapplying for financial products or services such as business loans.
The study also found that Vietnamese SMEs are confident of revenue growthdespite global economic headwinds and challenges such as a shortage of talent.
Two in three Vietnamese SMEs expect revenue growth this year, with one in threeanticipating double-digit growth.
The ASEAN SME Transformation Study was done late last year by polling 1,235SMEs across the six largest ASEAN countries -- Indonesia, Malaysia, thePhilippines, Singapore, Thailand, and Vietnam -- to understand how they arepreparing for growth and adapting to the changes ahead. — VNS/VNA
VNA
