Update news Vietnamese businesses
Vietnamese small business owners overwhelmingly expect to grow in 2023, with a new survey showing they are the most confident in their local economy across the surveyed markets in the Asia-Pacific.
The recently released 2022 Provincial Competitiveness Index (PCI) report by the Vietnam Chamber of Commerce and Industry (VCCI) presents a concerning snapshot of the business and investment climate.
The Government’s Resolution on implementing a Party’s Resolution on the promotion of the private economic sector set a target of having about 1.5 million enterprises by 2025 and, according to experts, this requires breakthroughs in policies.
In the era of growing environmental and social concerns, Environmental, Social, and Governance (ESG) standards have emerged as a game-changer for firms seeking to improve their customer engagement and financial access.
The Government wants the private sector to be a main driver in the country’s development, with a target of establishing 1.5 million businesses by 2025.
Vietnamese companies prioritize environmentally friendly and sustainable practices as part of their efforts to ensure long-term growth.
In the international market, Vietnamese enterprises are at a disadvantage because of several problems in their own home market.
A recent survey of 100 enterprises in HCM City found that the number of them paying monthly salaries of more than VND10 million a month fell from 80 percent in Q2 2022 to 65 percent in Q1 2023.
Big names like Habeco, Aeon, Grab and subsidiaries of BRG and FPT groups will be inspected in 2023 under the Ministry of Industry and Trade’s (MoIT) 2023 inspection plan approved recently by Minister Nguyen Hong Dien.
Vietnam saw nearly 194,700 newly established and re-operating enterprises in the first 11 months of 2022, up 33.2% over the same period in 2021, a 1.3 times higher than the average rate in January – November period from 2017 - 2021.
The young generation has a great desire for doing business to become prosperous on their own. This is a good condition to develop a strong team of entrepreneurs who can play the role of a "launch pad" for the country’s development.
Prime Minister Pham Minh Chinh attended the high-level session of the annual Vietnam Business Forum (VBF) in Hanoi on February 21 under the theme “Restoring the economy & Developing supply chain in the new normal”.
Many small-scale businesses are making profits equal to that of large corporations.
The Ministry of Planning and Investment is working on a resolution to support and develop Vietnamese businesses for the period of 2021-2025, replacing Resolution No. 35/NQ-CP dated May 16, 2016.
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After the second year of the COVID-19 pandemic, despite lockdown orders, social distancing, and direct contact restriction, there was not a complete collapse of socio-economic life.
Expectations to transform business households into companies have been unsuccessful as most households did not want to officially become companies. The goal to have 1 million businesses by the end of 2020, thus, was not met.
Many Vietnamese companies are able to reach the regional and international market after accumulating experience and financial resources in the domestic market.
As of December 31, 2020, Vietnam counted 683,600 operational enterprises, up 35.3 percent from 2016, the 2021 economic census revealed.
While the majority of businesses have complained about difficulties caused by the pandemic, others have reported high profits.