Building capacity for women-owned businesses in Vietnam

The project “Grow My Business: Empowering and Supporting the Development of Women-Led Micro, Small and Growing Enterprises in Vietnam” contributes to narrowing the financial, business and digital skills gap for women-led micro, small and growing enterprises.

The project "Grow My Business: Empowering and Supporting the Development of Women-Led Micro, Small and Growing Enterprises in Vietnam" is being implemented by The Asia Foundation and the Center for Women and Development (CWD) in collaboration with microfinance institutions to bridge the growing gender gap in financial management, entrepreneurship and digital skills in Vietnam. With support from Payoneer, the initiative aims to reach and support 3,000 women entrepreneurs to grow their businesses and actively participate in the digital economy over the next year.

Training program for core staff of the Project

Training women in business, digital, and financial literacy

The project strongly responds to Vietnam’s National Digital Transformation Program, in which the Vietnamese Government is committed to achieving the dual goals of building a digital government, digital economy and digital society; and forming globally competitive digital technology enterprises. Amid this inevitable trend, Vietnamese enterprises are called upon to take the lead in digital transformation to promote Vietnam’s economic growth.

However, Vietnamese businesses, especially household businesses, are facing major challenges due to a lack of knowledge, awareness and capacity. For female business owners, in addition to the digital skills gap, they also face many other barriers that make it difficult for them to participate in the digital economy, such as lack of connectivity, lack of capital and the burden of household chores.

Key staff attend training course to deploy the model "Grow My Business"

In this context, the project will focus on providing training in business, digital, and fundamental financial knowledge to women who run household businesses, micro, small, and growing enterprises in disadvantaged areas in Vietnam – those who lack access to the knowledge and skills needed to digitize and grow their businesses. In addition, the project will promote initiatives that facilitate and support women to reduce their caregiving responsibilities.

Training grassroots staff in Thanh Hoa

Mr. Filip Graovac, Deputy Chief Representative of The Asia Foundation Office in Vietnam said: "The Asia Foundation would like to thank Payoneer for its support. In the coming period, the program is committed to reaching 3,000 business households, micro and growing enterprises owned by women in Vietnam.

In addition to the basic skills of business management, specifically business planning and sales skills, participating businesses, especially those owned by women, also need other support such as improving their knowledge and basic skills to help them plan, select, access and use available financial services effectively in operating and expanding their businesses. The "Grow My Business" program is designed to meet these needs through a combination of digital and financial skills training".

Training grassroots staff at VietED Foundation

According to Mr. Viet Vu, Country Director of Payoneer office in Vietnam: "Payoneer is delighted to work with The Asia Foundation and Vietnamese partners on this project to equip skills and empower women in Vietnam. With the latest business knowledge and digital skills, businesses can grow faster and stronger in the digital economy.

Through practical and in-depth training, we hope to increase the tools and access to resources for women entrepreneurs, helping them run their businesses, leverage resources and strive for success. The "Grow My Business" project will create the right environment and support in the community for those in need."

Training of TYM Organization

The project in Vietnam builds on the successful implementation of the Accelerate My Business model in Malaysia and Indonesia. In Vietnam, by working with local microfinance institutions to provide financial, business and digital education to women business owners and disadvantaged groups, the project hopes to contribute to the implementation of the National Digital Transformation Program, the Entrepreneurship Program and the National Financial Inclusion Strategy in Vietnam.

Source: https://phunuvietnam.vn/nang-cao-nang-luc-cho-cac-doanh-nghiep-do-phu-nu-lam-chu-tai-viet-nam-20240618213507924.htm