Tuesday, April 24 2018

VietNamNews

Nation lags behind peers in entrepreneurial zeal

Update: April, 28/2014 - 08:57

HA NOI (VNS) — Awareness of business opportunities among citizens in Viet Nam is lower than in other countries with the same level of development, a new report reveals.

However, those attending the launching ceremony of the Global Entrepreneurship Monitor (GEM) Viet Nam Report 2013, held in Ha Noi yesterday, were also told that entrepreneurs in the country are increasingly valued and the number of citizens seeking to become businessperons has also increased.

The first report of its kind in Viet Nam revealed that the percentage of adults who acknowledged opportunities to start a new business in 2013 was only 37 per cent, much lower than the average rate of 60 per cent in countries which have similar development levels to Viet Nam.

Luong Minh Huan from the Viet Nam Chamber of Commerce and Industry (VCCI)'s Business Development Institute, said in term of business conditions in Viet Nam, there were three indices, including infrastructure, dynamic characteristic of domestic market and culture and social standards, which reached an average ranking of three.

Nine remaining indices, such as businesses supporting services, accounting, auditing and legal consultancy, were also not developed to their potential, said the report. The Government's support programmes, financing for businesses and business education at high schools were listed at the bottom of the list.

"This shows that the country has had a lack of consultancy and business supporting services," Huan said.

Further, VCCI chairman Vu Tien Loc said the report provided an overall picture on business characteristics in Viet Nam throughout various periods.

It also helped Viet Nam have comparisons with other countries in the ASEAN region.

Loc also recommended that Viet Nam should build trust for entrepreneurs by maintaining policies to stabilise the macroeconomy, making policies transparent and creating an equal environment for competition among economic sectors.

The report was expected to serve in creating polices and decisions for business development in the future.

The GEM report collected data from more than 200 respondents in 70 countries accounting for 75 per cent of the world's population and 90 per cent of global GDP. — VNS

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