VCCI Vice Chairman Nguyen Quang Vinh speaks at the Vietnam Women Entrepreneurs Forum 2024

Speaking at the Vietnam Women Entrepreneurs Forum 2024 organized by the Vietnam Women Entrepreneurs Council (Vietnam Chamber of Commerce and Industry - VCCI) and the Asia Foundation, Mr. Nguyen Quang Vinh, Vice Chairman of VCCI emphasized that the dual transformation era is a challenging period but also opens up many opportunities for businesses. Women with strong resilience and creativity can become leaders leading the dual transformation journey and mastering this era. 

Ms. Nguyen Minh Hang, Deputy Minister of Foreign Affairs, highlighted that Vietnam has many advantages for development such as: an independent, self-reliant, multilateral, diversified foreign policy, being a friend, a reliable partner, and being responsible to the international community.

Ms. Nguyen Minh Hang, Deputy Minister of Foreign Affairs

The effective implementation of this foreign policy has created a very good foreign situation for us with economies around the world, opening up many opportunities for political, economic, trade and investment cooperation with all countries in the world. We need to take advantage of this dual transformation process to develop.

Vietnam is behind, but we have many opportunities to take shortcuts, take the lead and develop rapidly. We have abundant human resources, including the participation of female workers and female entrepreneurs, along with the aspiration to rise up to build the country and national pride, which will bring our country into a new era of development. Although facing many challenges, with a tradition of resilience, female entrepreneurs will overcome them to seize opportunities and develop. 

“In the era of digital transformation and green transformation, to be successful, we need a new approach, women are the ones most affected by this dual transformation process. Therefore, female entrepreneurs need to change their mindset, grasp technology and new knowledge to master the green transformation and digital transformation period. The Ministry of Foreign Affairs and Vietnamese agencies abroad are ready to create, connect and support the business community to access countries, investors, technology, etc. in the world," Ms. Hang emphasized.

In addition, Mr. Michael R. DiGregorio - Chief Representative of the Asia Foundation in Vietnam assessed that as global surface temperature is increasing, the world needs women's leadership to respond to the approaching threats. "There are many solutions that can be found in the digital transformation process and the world needs creative women to find those methods," Mr. DiGregorio commented.

However, experts say that the challenges for small and medium-sized enterprises and women-owned enterprises are much greater. Because women-owned enterprises are still in the early stages of development, limited in human resources and capacity to respond to objective factors.

Specifically, Ms. Pauline Tamesis, Resident Coordinator of the United Nations in Vietnam, for women-owned enterprises, the digital transformation and green transformation process is becoming extremely challenging.

According to Ms. Tamesis, although Vietnam has made significant progress in empowering women, female entrepreneurs still face challenges brought by the digital transformation and green transformation process such as: Difficult access to finance, access to digital and green finance is still a barrier. In addition, digital knowledge has opened up, but cybersecurity is still a barrier for businesses to access technology.

“In addition, gender expectations can also limit women's opportunities in business and the digital and green transformation process,” said Ms. Pauline Tamesis.

Similarly, Ms. Bui Thu Thuy - Deputy Director of the Department of Enterprise Development (Ministry of Planning and Investment) pointed out 3 “barriers” for small and medium-sized enterprises and female-owned enterprises in digital and green transformation, including: Financial resources; human resources to implement and solutions to implement digital and green transformation.

Accordingly, in terms of capital, Ms. Bui Thu Thuy said that currently, only about 3 - 5% of Vietnamese enterprises are large-scale enterprises with resources ready for digital and green transformation. The remaining 95 - 97% are small and medium-sized enterprises with an average capital size of 10 - 20 billion VND, so capital for digital and green transformation is extremely difficult.

To solve the capital problem for businesses in digital transformation and green transformation, Ms. Thuy said that the participation of functional agencies and banks is needed. Accordingly, the state needs to provide clear mechanisms and policies on what are green criteria and green projects to facilitate bank disbursement. Because in fact, in the past, many banks shared that there were no criteria for green projects.

Vietnam Women Entrepreneurs Forum 2024 with the theme Women Mastering the Era of Dual Transformation. Photo: VNA

In particular, to support businesses in digital transformation and green transformation, as a state agency supporting businesses, in recent years, the Ministry of Planning and Investment has implemented general business support policies and supported businesses in dual transformation, aiming to improve the capacity to respond to green transformation and digital transformation. The Ministry of Planning and Investment has also coordinated with many sponsors to implement many initiatives and develop documents to support businesses in identifying their readiness for digital transformation, green transformation, etc.

It can be seen that the dual transformation trend is becoming more important in the context of climate change that is comprehensively and profoundly changing the global development and security process, seriously affecting the environment and ecosystems, the lives and production of people and the business community, as well as creating more challenges for businesses, including women businesses in green transformation, digital transformation.

The United Nations has recognized the great power of women-owned and led businesses in creating jobs, promoting innovation and building resilient communities. By empowering more women to take on leadership roles in the digital and green transformation, the national economy will accelerate progress towards a more equitable, inclusive and sustainable society where no one is left behind.