Whatever the size of the company they head and the sector it operates in, Vietnamese businesswomen represent courage, resilience, creativity, and dynamism and have contributed enormously to the country’s economic development.

On the occasion of Vietnamese Women’s Day, October 20, Việt Nam News reporters Thu Ngân and Mai Hương speak with women entrepreneurs to understand what makes them tick and how they are developing their companies, especially at this difficult time. They also speak about how women can successfully start businesses.

Lê Hàn Tuệ Lâm, general partner of Nextrans

Lê Hàn Tuệ Lâm, General Partner of Nextrans

In the context of the current difficult economic situation, the spirit of Vietnamese businesswomen can manifest itself in several ways.

As you said, Vietnamese businesswomen have a long history of enduring and adapting to challenging situations. In the face of economic difficulties, their resilience and adaptability can be a significant asset. They are likely to remain steady and resourceful, finding innovative solutions to navigate tough times.

The increased confidence and independence of Vietnamese women today can empower them to take on leadership roles and make critical decisions in their businesses. This self-assured approach can help steer their companies through economic challenges.

Women founders and leaders of SMEs and conglomerates can be pivotal in contributing to the country's economic development during difficult times. Their dynamic and creative approach can lead to diversification, exploring new markets and seizing opportunities that may not be immediately apparent to others.

Vietnamese women often come together to support one another during challenging times. They can collaborate and share resources, insights and best practices, creating a network of mutual assistance that can help them weather economic storms effectively.

As they have done for centuries, Vietnamese women continue to maintain a long-term vision. They may view economic difficulties as temporary setbacks rather than insurmountable obstacles, which can drive their determination to succeed and contribute to the nation's economic growth.

The enduring spirit of Vietnamese businesswomen, along with their newfound confidence and independence, can shine amid economic adversity. Their resilience, adaptability and contributions to various sectors will play a significant role in helping the country overcome economic challenges and emerge stronger in future.

Talking about advice for young businesswomen, I think opportunities are plentiful for women in business today, with increasing support from investors and institutions.

Have self-belief! See yourself as equal to men in every way, work hard and stay focused on your goals.

Success demands dedication and continuous learning. Put in an effort to improve your skills.

It is important to build a strong network and seek mentorship to navigate challenges and gain insights.

Try to overcome self-doubt and surround yourself with positivity to fuel your growth.

Embracing setbacks as opportunities for growth and leveraging your diversity as a strength.

Bùi Thanh Duyên, Co-Founder and CSO of Genetica

Bùi Thanh Duyên - Co-Founder and CSO at Genetica

In the intricate world of genetic research, challenges abound, and for women entrepreneurs, the hurdles are distinctive.

My journey, spanning almost a decade, has been a testament to the unpredictable nature of scientific exploration. In the pursuit of proving hypotheses, I discovered that failure was not a setback but a stepping stone. Scientific experiments often led me to start anew, but the excitement of collaborating with globally renowned scientists like Elizabeth Blackburn and Jennifer Doudna fueled my perseverance.

The proximity of my laboratory to Elizabeth Blackburn's –a Nobel laureate in biology for her work on Telomeres, and the privilege of conversing with Jennifer Doudna, the Crispr-Cas9 Genome Editing pioneer, left indelible impressions. Beyond their stellar achievements, they exemplify genuine dedication to their scientific passions. Moreover, my mother's unwavering support, understanding the demands of my research, has been indispensable – a blessing that goes beyond the confines of the laboratory.

Early in my career, the path to scientific exploration wasn't the one initially envisioned by my family. Gender stereotypes tried to channel me towards economics, deeming science unsuitable. Yet, my determination led me to balance economics studies with a burgeoning interest in natural sciences. A Vietnam Education Foundation scholarship propelled me to the US, defying conventional expectations and embracing my true passion.

In championing gender equality and women's roles, I eschew rigid quotas in favour of equal opportunity. The emphasis should be on creating environments where merit triumphs over predetermined restrictions. Initiatives like the Vietnam Book Drive for Kids and Science Festivals, spearheaded by the Vietnam Education Foundation Fellows and Scholars Association, aim to broaden access to education, particularly for young women.

To aspiring female entrepreneurs, I offer advice cultivated from my journey: Firstly, find your passion. Starting a business in a field you love infuses your work with enthusiasm, making it more fulfilling. Secondly, find your partners—individuals who propel you to new heights and weather storms alongside you. Thirdly, embrace an always-learning spirit. The intellectual satisfaction derived from continuous learning is unparalleled. Attend workshops, engage in discussions, and stay abreast of industry developments.

Fourthly, embrace failure as a learning opportunity. Successful entrepreneurs view setbacks as stepping stones to triumph. In my own scientific pursuits, I've encountered numerous setbacks, but each has contributed to the refinement of my research methodologies.

The entrepreneurial journey demands passion, determination, adaptability, and continuous learning. Success rates may be low, but the refusal to surrender is the common thread among achievers. Aspiring entrepreneurs, particularly women, should forge their paths, unburdened by societal expectations, armed with a relentless pursuit of knowledge, and fueled by an unwavering passion for their chosen endeavours. In this way, they become architects of their own success, navigating the challenges with resilience and emerging triumphant.

Phạm Thị Uyên Châu, managing director of Brandidas Vietnam

Phạm Thị Uyên Châu, managing director of Brandidas Vietnam

The spirit of Vietnamese businesswomen, characterised by bravery, endurance, creativity, and dynamism, is particularly crucial in today's challenging economic times.

This indomitable spirit shines through in four distinct areas: innovation, resilience, collaboration, and leadership.

In difficult times, businesswomen maximise their creativity to enhance innovation in all business aspects, from business models and product technologies to daily operations and market strategies, ensuring adaptation to evolving circumstances.

Tough times test one’s endurance, and this is where bravery and the ability to rise above adversity come into play.

Vietnamese businesswomen show resilience by strategically optimising budgets, demonstrating flexibility in business solutions and not giving up in the face of setbacks.

Like all others in today's interconnected business world, Vietnamese businesswomen recognise the power of collaboration. They actively seek and embrace dynamic partnerships that lead to shared success and mitigate risks through alliances, associations, community joint projects, and pooling of resources.

Businesswomen can also creatively leverage their voice and leadership to shape the business framework. They strive to advocate for policies supporting economic recovery, empowering women and diversity, creating impacts for communities, and actively contributing to the country’s sustainable development.

Brandidas Vietnam is an organisation where women constitute 80 per cent of the workforce and over 85 per cent of the management team. This gender diversity has been a potent strength, enabling us to navigate the challenges of the recent pandemic and the ongoing economic crisis with resilience and determination.

Thanks to the relentless efforts of society as a whole, comprising government entities, associations, corporations, entrepreneurs, and dedicated individuals championing education, support and the promotion of gender equality, women today have unprecedented opportunities to start businesses, especially in areas like business consultancy, innovation, and technology.

“Pursuing your passion”, “believing in yourself”, “seeking expertise, “maximising your network,” and “constantly learning, testing and reviewing” are some tips for women of all ages thinking of becoming entrepreneurs.

To all Vietnamese businesswomen embarking on this journey, I wish you remain resilient, joyful and steadfast in all your entrepreneurial endeavours.

Tôn Nữ Xuân Quyên, founder and CEO of BluSaigon Joint Stock Company

Tôn Nữ Xuân Quyên, chairwoman of BluSaigon Joint Stock Company

Vietnamese businesswomen have adapted to changing market conditions by innovating product lines and entering a new industry during tough times.

Businesswomen have shown resilience by making tough decisions to keep their companies afloat.

They have collaborated to address economic challenges collectively. Companies like WE Ventures and OFI Vietnam support women entrepreneurs, emphasising the importance of working together and mutual support.

Some are involved in mentoring and supporting other aspiring female entrepreneurs, sharing experiences, knowledge and networks to help the next generation navigate the economic landscape.

Opportunities for women starting businesses in Việt Nam today are indeed promising, and there are some notable trends and tools that can be leveraged to maximise success.

Việt Nam has witnessed a rapid increase in smartphone usage, with people spending an average of 8 hours a day on their mobile phones. This presents a significant opportunity for businesses, especially when targeting younger demographics. The growth of e-commerce and online marketplaces in Việt Nam is undeniable. Women entrepreneurs can tap into this digital landscape to start and grow their businesses.

Initiatives and programmes are emerging to support women entrepreneurs, including grants, loans and mentorship programmes. These resources make it easier to secure funding and guidance for kickstarting or expanding a business.

Women entrepreneurs often prioritise establishing green and sustainable businesses. Their attention to these issues aligns with government programmes. A business that places sustainability at its core can leverage this focus for greater success.

There is a growing acknowledgment of the value that women bring to the entrepreneurial landscape. This recognition has resulted in greater inclusivity and opportunities for women-owned businesses.

For young women pursuing an entrepreneurial career, I think the first [requirement] is embracing your uniqueness.

Celebrate your diverse life experiences and perspectives as valuable assets that can help you craft innovative solutions and resonate with your target audience.

Second is building meaningful relationships with mentors, advisors and like-minded entrepreneurs to gain essential guidance, mentorship and support to enhance your ability to navigate challenges.

Update yourself constantly on the latest developments, market shifts and emerging technologies in your field to maintain competitiveness and identify new growth opportunities.

Develop a strong grasp of the financial aspects of your business as this knowledge is crucial for informed decision-making, resource management and ensuring your enterprise's financial health.

Striking a harmonious equilibrium between your professional and personal lives is essential to prevent burnout and maintain overall well-being, enabling you to approach your business endeavours with renewed energy and creativity.

Fearlessly undertake well-considered risks on your entrepreneurial journey, recognising that these experiences offer valuable lessons and insights that contribute to your long-term success.