Vietnamese SMEs are well-positioned to benefit from the rapid economic growth of the country. In 2024, the economy expanded by over 7 per cent, surpassing the 6.5 per cent target st by the government, driven by rising exports, strong foreign investment, and growing domestic demand. At this pace, Vietnam is expected to outperform its regional peers in 2025.

As the global digital economy accelerates, Vietnamese SMEs are emerging as agile players capable of capitalising on international opportunities. Their success will be shaped not only by domestic momentum, but also by how effectively they integrate into the global financial system.

This momentum highlights the significant contributions of key market segments to the export growth of the country. Vietnam recorded total exports of $405.5 billion in 2024, demonstrating a robust 14.3 per cent increase compared to the previous year. These include traditional business-to-business (B2B) trading, valued at nearly $200 billion, which covers electronics, computers, and components ($72.6 billion); machinery, equipment, tools, and spare parts ($52.3 billion); and agricultural products ($62.4 billion). Complementing this, B2B services, encompassing IT services, ship repairs, logistics, and chartering, also played a pivotal role in facilitating export operations.

Supporting these sectors, SMEs are indispensable, representing approximately 98 per cent of all entities engaged in international trade and contributing nearly 25 per cent of the country's total export value. These SMEs function as vital cogs in global supply chains, reinforcing the standing of Vietnam as a pivotal manufacturing base and sourcing hub within Southeast Asia. Moreover, their robust participation in export activities is instrumental in fostering economic resilience, driving growth momentum, and catalysing innovation across the Vietnamese economy.

According to global payments platform Payoneer’s reports for the fourth quarter 2024 and FY2024, the strong performance of Vietnamese SMEs focusing on exports and services reflects the surge of global B2B transactions. This contributed to revenue growth of 17 per cent on-year, amounting to $262 million. SMEs in these segments have the potential to be 'high value', and they are counted as the ideal customer profile; customers that transact $500-10,000 in monthly volume on average and were active over the past 12 months.

Payoneer's second annual SME Ambitions Barometer report revealed nearly two-thirds of Vietnamese SMEs are prioritising hiring locally. On average, companies are planning to hire 13 employees, 57 per cent of which will be local talent, 26 per cent regional talent, and 18 per cent international talent. Businesses have an optimistic outlook, not just in their organisation, but also in their industries. 79 per cent are confident in their ability to increase revenue over the next 12 months, and 82 per cent expect the health of their local economies to improve. Business is also the sole source of income for more than two-thirds of Vietnamese SMEs. Generating more revenue creates a ripple effect, while improved economic conditions support businesses, and this growth drives progress.

SMEs believe that the best way to grow their businesses is to expand beyond borders. However, they are constrained by a lack of access to financial tools and services that suit their needs.

Viet Vu, country manager of Payoneer Vietnam, said, “Modern payment platforms are built to solve these challenges, enhancing payment processing while optimising operational costs, cash flow, and customer satisfaction. However, SMEs must adopt effective strategies and stay updated with the latest technological advancements to maximise these benefits.”

“Before adopting a payment platform, SMEs should begin by setting clear objectives for their desired outcomes. This will help them assess the platform’s impact over time effectively. Then, they can start with pilot projects to test the technology before implementing it on full scale. The success of a platform hinges on accurate payments, regulatory compliance, and streamlined processes,” he said.

“For businesses already familiar with the platform, building strong partnerships with vendors can ensure seamless integration with other marketplaces or systems. Vendors often provide product demonstrations and customisation options to meet specific business needs,” he added.

Payment platforms are poised to deliver the evolving needs of SMEs. By innovating cross-border payments, financial solutions help create a more inclusive economy, bridging opportunities even to the smallest business to compete and thrive on the international stage.