Women-owned firms change to overcome difficulties caused by COVID-19

Hanoi (VNA) – Women-owned businesses have had to work harder and actively made changes to adapt to and lead their businesses to overcome difficulties, especially those caused by the COVID-19 pandemic.

Efforts made by Vietnamese businesswomen have not only helped their businesses maintain operations and gain successes, but also contributed to solving challenging problems of the society.

According to a survey by the Vietnam Women's Union, one out of every four private enterprises is led by women, and female labourers contribute  40 percent of the nation's wealth.

Women-led enterprises also show advantages as they employ more female workers, pay higher social insurance premiums, and help solve many social challenges.

According to Nguyen Thi Tuyet Minh, Chairwoman of the Vietnam Women Entrepreneurs Council (VWEC), the COVID-19 pandemic has severely impacted on many businesses, especially small and medium-sized enterprises owned by women.

To increase resilience and help female-owned businesses speed up post-pandemic recovery, Minh stressed that female entrepreneurs need to prioritise improving their corporate financial management knowledge, and promote the spirit of innovation in order to find opportunities in difficulties.

The Government, sectors and localities should also have more effective support policies and programmes to attract women's involvement in economic development.

Dau Anh Tuan, Director of the Legal Department at the Vietnam Chamber of Commerce and Industry (VCCI), who has chaired many scientific studies on gender equality, stressed that promoting women's entrepreneurship is an important priority.

It is necessary to develop women's business associations, associations operating in term of women's entrepreneurship to protect the interests of women-led businesses, and promote cooperation and strengthen relations among businesswomen, he said.

Localities should have policies to support women-owned businesses to have easier access to credit resources, he added.

Meanwhile, Ngo Thi Thu Hang, Chairwoman of the Board of Directors of Bach Viet Register Co., Ltd. emphasised the necessity to raise public awareness of the role played by women, eliminate gender preconception and discrimination, and does not promote unequal traditional values.

Central agencies and localities should actively organise consultations and dialogues with female entrepreneurs, women's business associations and clubs, and gender experts on related issues, she said, adding that organisations representing women-led businesses should also pay attention to improving their capacity and actively joining in building legal policies for their own interests./.