“Accelerate My Business” - Foundation digital, business, and financial literacy training for women-led micro, small and growing businesses in Vietnam.

03/25/2024

 

The Center for Women and Development (CWD) today launched the project “Accelerate My Business: Capacity building and support for women-led micro, small and growing businesses in Vietnam” with the participation of 50 representatives from relevant government agencies, the Vietnam Women’s Union, donors and local implementation partners. The project “Accelerate My Business” was approved by the Vietnam Women’s Union via Decision No 3507/QD-DCT dated 22/02/2024. Supported by Visa, the program will be implemented by The Asia Foundation and Center for Women and Development in collaboration with three local microfinance service providers, including TYM MFI, Thanh Hoa MFI and VietED Group.

The Accelerate My Business (AMB) initiative was established in response to the COVID-19 pandemic, during which the economic state of over 40% of micro, small, and medium enterprises (MSMEs) across the ASEAN region was reportedly worsened, with women-led businesses disproportionately experiencing the greatest impact. With its regional success in Malaysia and Indonesia, where 6,500 female business owners were trained and mentored on digital upskilling, Accelerate My Business continues its mission by expanding into Vietnam, aiming to reach and support 25,000 women leaders in growing their business and engaging fully in the digital economy.

Under Decision No. 749/QD-TTg issued in June 2020 by the Prime Minister on approving the National Digital Transformation Program, the Government of Vietnam is committed to attaining the dual goal of establishing a digital government, economy, and society; and developing digital technology firms equipped for global competitiveness. Amidst the trend of digital transformation, Vietnamese enterprises were urged to take the lead in digital transformation to boost Vietnam’s economic growth. However, Vietnamese businesses, particularly household ones, are facing great challenges due to a general lack of knowledge, awareness, and capability.

In response to these circumstances, the Accelerate My Business project in Vietnam will focus on the provision of foundational digital, business, and financial education for Vietnam’s micro, small and growing businesses in underprivileged areas, particularly those who lacks access to the knowledge and skills needed for business digitalization and growth. Mr. Filip Graovac, Deputy Country Representative of the Asia Foundation Vietnam said, “MSMEs continue to play an important role and contribute tremendously to Vietnam’s economy growth and job creation. However, the majority of MSMEs in Vietnam, especially those led by women, are currently facing numerous constraints that threaten to impede their continued advancement and their ability to compete in local and global markets, including limited access to skills, technology, business networking, market connectivity, and financing. This program, that is generously supported by Visa, works to address these challenges and promote further sustainability and growth of MSMEs in Vietnam.”

Ms. Duong Thi Ngoc Linh, Director of the Center for Women and Development underscored the importance of the project for women entrepreneurs: "This project has contributed to achieving the breakthrough of the Resolution proposed by the 13th National Women's Congress, which is “Innovating the Union's operating methods, focusing on the application of information technology”, and at the same time addressing the very essential needs of female business owners, especially micro, small and household businesses. Thanks to this digitalized and cost-free training program, they will be equipped with comprehensive, practical, and flexible business knowledge, allowing for numerous opportunities to accelerate their business. Center for Women and Development hopes that the project’s impacts will extend beyond the 25,000 women who will get access to knowledge through online lectures, leading to broader economic development for women and their families in the community, thus contributing to improving the quality of life for Vietnamese women."

Ms. Dang Tuyet Dung, Visa Country Manager for Vietnam & Laos shared: “The Accelerate My Business project in Vietnam contributes to Visa’s commitment to providing 500,000 upskilling opportunities to women and girls over ten years to develop Indo Pacific Economic Framework (IPEF) economies and also holds the potential to help digitize microfinance lending models in underserved and rural areas.” Ms. Dung stressed that by equipping Vietnamese women entrepreneurs with education, mentorship, and resources, the initiative aims to uplift the lives of women entrepreneurs by catalyzing economic growth, fostering innovation, and building a more inclusive society for everyone, everywhere in the long run.

The three microfinance service providers participating in this project have reaffirmed their strong commitment to provide digital and business upskilling for their microfinance clients. Through the partnership with these microfinance services providers to provide digital and financial education for women-led businesses and marginalized populations, the “Accelerate My Business” project hopes to contribute to the implementation of the National Digital Transformation Program and the National Start-up Initiative as well as the National Financial Inclusion Strategy in Vietnam.

 

 

About Center for Women and Development

The Centre for Women and Development (CWD) is an institution directly subordinated to the Vietnam Women’s Union (VWU) with the function of serving socio-political activities and supporting the comprehensive development of capacities, occupational skills, well-being, and aesthetics for Vietnamese women. Their services include providing training and coaching to build capacity and improve occupational skills and knowledge for women, especially vulnerable and disadvantaged groups; organizing career counseling and business development support; giving legal and policy consultations and counseling on women's rights, marriage, family, and gender.

About The Asia Foundation (asiafoundation.org)

The Asia Foundation is a nonprofit international development organization committed to improving lives and expanding opportunities across Asia and the Pacific. Informed by 70 years of experience and deep local knowledge, our work is focused on governance, climate action, gender equality, education and leadership, inclusive growth, and international cooperation. We work in more than 20 countries through our 17 permanent country offices and programs across Asia and the Pacific, supported by a headquarters in San Francisco and an office in Washington, DC. Our funding comes from a diverse array of bilateral and multilateral development agencies, foundations, corporations, and individuals.

About Visa

Visa (NYSE: V) is a world leader in digital payments, facilitating transactions between consumers, merchants, financial institutions and government entities across more than 200 countries and territories. Our mission is to connect the world through the most innovative, convenient, reliable and secure payments network, enabling individuals, businesses and economies to thrive. We believe that economies that include everyone everywhere, uplift everyone everywhere and see access as foundational to the future of money movement. Learn more at Visa.com.