Breaking down biases
in Vietnam

Through various trainings, we’re helping young female business owners to thrive

Vietnam has made huge economic and social progress over the past 40 years.²³ Women have played a major part, with labour force participation over 70 per cent in 2019 – far above regional (43.9 per cent) and global (47.2 per cent) averages.²⁴

Growth in entrepreneurship has helped; one in four Vietnamese businesses are now run by women. Yet social biases and discriminatory practices limit female entrepreneurs’ ability to succeed, especially in rural areas.

Financing is a significant barrier; women-owned SMEs in Vietnam face an estimated funding gap of USD1.19 billion.²⁵

As a result, female entrepreneurs are more vulnerable to shocks. Unsurprisingly, COVID-19 had a devastating effect, with approximately half of women-owned SMEs partially suspended or temporarily dissolved during the pandemic.

Funded by the Standard Chartered Foundation, a new Futuremakers project was launched in April 2022 to support struggling female business owners in rural areas of Vietnam. In collaboration with our strategic global partner Youth Business International (YBI), local NGO Startup Vietnam Foundation (SVF) set out with an aim to reach 1,500 female entrepreneurs to help them strengthen and grow their businesses. Of this reach, 400 will receive intensive support, including business development and digital-literacy training, grants, mentoring, and more.

By uplifting these women, we expect to generate positive community knock-on effects. This starts with new jobs created by female business owners. By empowering participants to speak out against biases they have faced, we can also begin to break bias down and become more diverse, equitable, and inclusive.

Success story

Truong’s two previous businesses closed during the height of COVID-19. Yet the pandemic inspired a new product idea: teas that combine traditional and modern Vietnamese health principles. However, Truong lacked the experience or training to launch her idea. This changed after she enrolled in this Futuremakers project, where she learned how to create a development plan and market her product. Her teas are now generating revenue and her business is growing – along with her confidence.

Every factor of my business was in my mind… but I didn’t know how to write it down and think about it systematically.

Truong
Vietnam