- \n
- Vietnam’s small businesses recovered
\nfaster from COVID-19 than the Asia-Pacific average.<\/li>\n - Technology investment, digitalisation
\nand external financing supported business rebound.<\/li>\n - Most of Vietnam’s small businesses
\nexpect to grow in 2021, many will increase headcount.<\/li>\n<\/ul>\n
\n
\n
\n <\/p>\nHANOI, VIETNAM –\u00a0Media OutReach<\/a>\u00a0– 13 April 2021 – <\/b>A combination of rapid business
\ntransformation, strong technology adoption and access to finance has enabled
\nVietnam’s small businesses to experience a V-shape rebound from the impacts of
\nthe COVID-19 pandemic. Small businesses from Vietnam are the second most likely
\nto expect to grow in 2021 of the markets surveyed in CPA Australia<\/a>‘s 2020-21
\nAsia-Pacific Small Business Survey.![](\"https:\/\/release.media-outreach.com\/release.php\/Images\/Thumb\/500x0\/140966\/CPA-VN.JPG#image-140966\")
<\/p>\n
\n <\/p>\n\u00a0<\/p>\n
\n <\/p>\nThe survey canvasses the views of 4,227 small
\nbusinesses in 11 markets across the Asia-Pacific region, including Australia,
\nMainland China, Malaysia and India, to understand their business strategies and
\noutlook. Three hundred and ten Vietnamese small businesses took part.<\/p>\n
\n <\/p>\n\u00a0<\/p>\n
\n <\/p>\nVietnamese small businesses considered COVID-19
\ntheir biggest challenge last year. Eighty-one per cent of respondents reported
\nthat it had a major negative impact on their business, the highest result in the
\nsurvey. Nevertheless, Vietnam’s small business sector has shown exceptional
\nresilience and adaptability. Seventy-seven per cent of its small businesses
\nhave recovered from COVID-19 or expect to recover in 2021, which is significantly
\nhigher than the survey average of 39 per cent. <\/p>\n
\n <\/p>\n\u00a0<\/p>\n
\n <\/p>\n“Vietnamese small businesses demonstrated
\nremarkable agility in turning risks into opportunities last year. They were the
\nmost proactive in digitalising in response to COVID-19, with 42 per cent of
\nrespondents stating that they began or increased online sales. It’s also
\nencouraging that despite a very challenging 2020, 63 per cent of small businesses
\nin Vietnam grew, which is the second highest of the markets surveyed,” said
\nHien Nguyen, Chief Representative of North Vietnam at CPA Australia.<\/p>\n
\n <\/p>\n\u00a0<\/p>\n
\n <\/p>\nThe solid business rebound is expected to
\ncontinue in 2021. Eighty-six per cent of respondents expect their business to
\ngrow this year, the second highest result of the
\nmarkets surveyed. Eighty-seven per cent expect the local
\neconomy to grow, the most positive result of the markets surveyed. This positive
\noutlook is reflected in the intention of Vietnam’s small businesses to increase
\nstaff headcount (42 per cent) and to introduce new products, services or
\nprocesses to local or overseas markets (25 per cent) this year.\u00a0 <\/p>\n
\n <\/p>\n\u00a0<\/p>\n
\n <\/p>\n“Strong growth prospects and a culture of
\ninnovation among Vietnamese small businesses tie in with the government’s
\neconomic target of an average annual growth rate of 6.5 per cent to 7.0 per
\ncent for the 2021-25 period and the focus on industrial upgrades and
\ntransformation,” Hien
\nsaid.<\/p>\n
\n <\/p>\nThe survey findings show a significant link
\nbetween using technology and strong business growth. Seventy-eight per cent of
\nsmall businesses in Vietnam reported that investment in technology in 2020 has
\nimproved their profitability. This is the strongest response of the surveyed
\nmarkets and well above the survey average of 48 per cent. <\/p>\n
\n <\/p>\n\u00a0<\/p>\n
\n <\/p>\n“It’s not surprising to see that three-quarters
\nof Vietnam’s small businesses receive more than ten per cent of sales through new
\npayment technology, which puts them in third place in the survey. They were
\nalso most likely to have invested in point of sale equipment in 2020. This
\nindicates that <\/p>\n
\n <\/p>\nmany small businesses have proactively
\nresponded to the pandemic by increasing their digital technology adoption,”
\nThien Huynh, Chief Representative of South Vietnam at CPA Australia, said. <\/p>\n
\n <\/p>\n\u00a0<\/p>\n
\n <\/p>\nGovernment policies such as the VND 250
\ntrillion credit support package and a friendly financing environment have
\nenabled Vietnamese small businesses to continue to grow. Seventy-three per cent
\nof small businesses indicated that they sought external funds in 2020.
\nForty-eight per cent found accessing external finance easy or very easy, up
\nfrom 17 per cent in 2019. Among the businesses that sought external funds, 58
\nper cent used them for business growth and 56 per cent sought funds from a bank. \n<\/p>\n
\n <\/p>\n\u00a0<\/p>\n
\n <\/p>\n“Demand for external funds remains robust among
\nVietnamese small businesses in 2021. Fifty-one per cent of respondents expect
\nto seek external finance this year and 67 per cent expect to use the funds for
\nbusiness growth in 2021. Government support measures are likely to continue to
\nmake it easier for small businesses to access external finance this year,” Thien
\nsaid. \u00a0<\/p>\n
\n <\/p>\n\u00a0<\/b><\/p>\n
\n <\/p>\nAlthough small businesses in Vietnam are optimistic,
\nthey need to take their cybersecurity more seriously. While
\n46 per cent expect to be cyberattacked in 2021, only 32 per cent have reviewed
\ntheir cybersecurity in the past six months, lower than the survey average of 43
\nper cent. <\/p>\n
\n <\/p>\n\u00a0<\/b><\/p>\n
\n <\/p>\nCPA Australia recommends that Vietnamese small
\nbusinesses consider the following actions to improve their recovery prospects:<\/p>\n
\n <\/p>\n- \n
- Seek advice from a trusted adviser, such as an accounting professional.<\/span><\/li>\n
- Enhance cybersecurity protections and
\nreview IT systems regularly.<\/li>\n- Pay attention to debt and the cost of external
\nfinance.<\/li>\n- Explore new opportunities to diversify
\nand expand into new markets.<\/li>\n- Invest in up-to-date devices
\nand relevant technologies.<\/li>\n- Pay attention to costs and strive for
\nsustainable growth.<\/li>\n<\/ul>\n
\n <\/p>\n\u00a0<\/p>\n
\n <\/p>\nDownload CPA Australia Asia-Pacific
\nSmall Business Survey 2020-21<\/a><\/p>\n<\/p><\/div>\n\n
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- Enhance cybersecurity protections and
- Seek advice from a trusted adviser, such as an accounting professional.<\/span><\/li>\n