Women lead over 20% of businesses in Vietnam, with this rate expected to exceed 30% by 2030

Women are at the helm of over 20% of businesses in Vietnam, with the rate of women-led or owned businesses expected to reach at least 30% by 2030. In line with Vietnam’s net zero commitments by 2050, many female entrepreneurs are leading efforts in sustainable production, waste reduction, and green supply chains.

Despite their growing role in the economy, the vast majority of women-owned businesses are still operating at a micro or small scale, and obstacles for women entrepreneurs persist.

Understanding these challenges is key to unlocking solutions. A recent study by RMIT Vietnam, published in the Journal of Small Business and Enterprise Development, reveals the motivators and barriers influencing female entrepreneurship in Vietnam today.

The identified barriers include gender prejudice, lack of training and financial support, insufficient personal skills, and work-life balance challenges.

The study highlights the urgent need to address these challenges through training, financial inclusion, and cultural shifts to ensure a thriving ecosystem for women entrepreneurs in the decades to come.

Transforming education and training

Education is a cornerstone of entrepreneurial success. However, as RMIT Associate Lecturer of Human Resource Management Pham Thanh Hang pointed out, existing training programs often fall short of equipping women with practical business skills.

“Current programs are too theoretical and don’t focus enough on critical skills like negotiation, digital literacy, and strategic planning,” she said. She emphasized the need for more industry-specific training, particularly in fields such as consultancy, tourism, and retail, where skill gaps are most pronounced.

Hang also said it is crucial to integrate entrepreneurial education into the curriculum from an early age, with specific support for girls to cultivate a business mindset.

Efforts to strengthen quality education for women and girls, particularly in STEM fields, are needed for successful digital transformation and economic empowerment, according to Dr. Greeni Maheshwari, RMIT Senior Lecturer of Management. “Integrated STEM-business programs could bridge the gender gap in innovation-driven industries, ensuring women acquire both technical expertise and entrepreneurial competencies,” she said.

Expanding financial support

Access to funding remains one of the most significant barriers for women entrepreneurs, particularly in the retail sector.

To mitigate this, RMIT academics suggest the government should develop platforms or mobile apps that inform women about available funding opportunities. Women-focused funds could provide crucial support for high-growth, high-impact enterprises founded by women.

Dr. Maheshwari pointed to initiatives like the Women Accelerating Vibrant Enterprises in Southeast Asia and the Pacific (WAVES) program, which has increased access to finance for women-owned businesses in Southeast Asia. She also cited the success of India’s Mahila Money, a digital financing platform providing collateral-free microloans and financial literacy tools for women.

“Tailoring these models to Vietnam’s regulatory and digital landscape will help women scale their businesses effectively,” she said.

Dr. Maheshwari envisioned a future where government-led incubators play a pivotal role in fostering high-growth women-led businesses. “By 2050, Vietnam’s business landscape will need more specialized incubators that offer training, funding opportunities, and hands-on business development support,” she explained.

Global mentorship networks will further empower Vietnamese women entrepreneurs by connecting them with international investors and industry leaders. Programs like HerVenture have supported over 25,000 women in Vietnam, providing business skills and networking opportunities to help grow their enterprises.

Beyond training and finance

Beyond financial and educational support, cultural changes will play a crucial role in ensuring women entrepreneurs thrive in the coming decades.

“Our study identifies gender prejudice as a significant barrier,” added Hang. “Many female entrepreneurs face societal biases that question their authority, with some reporting that customers assume they are not the actual business owners.”

According to Hang, cultural narratives around women in leadership can shift with greater media representation, gender-balanced leadership policies, and advocacy efforts. Research shows that when women are portrayed as successful entrepreneurs in the media, it helps break stereotypes and encourages future female leaders.

Dr. Maheshwari added that public awareness campaigns and policies promoting gender equality in business could play a significant role in shifting societal attitudes and supporting women's entrepreneurial endeavors.  Other policies can focus on providing comprehensive support for family care, education, and small business recovery to help women navigate challenges.

Vision for the future

The Vietnamese government has already set targets to increase the proportion of women-led enterprises. Ensuring that women entrepreneurs receive adequate support is vital for achieving these targets, and for advancing sustainable development goals, particularly SDG 5 (Gender Equality) and SDG 8 (Decent Work and Economic Growth).

Dr. Maheshwari said that as younger generations increasingly embraced gender equity and entrepreneurship, the generational shift would further normalize women's leadership, making it a more accepted and integral part of the business landscape.

“To truly break barriers, action is needed now. Governments, educators, and business leaders must work together to cultivate a prosperous and sustainable economy rooted in gender equality, where the talents of women are fully leveraged,” she added.