Vietnam’s small businesses achieved remarkable growth in 2024, with 82% reporting expansion, marking the highest rate since 2019. This upward trend is expected to continue in 2025, with 92% of small businesses forecasting further growth. These findings were released on March 21 in Ho Chi Minh City as part of CPA Australia’s annual small business survey.
Strong Economic Confidence Among Vietnamese Entrepreneurs
Vietnam’s small business owners are optimistic about the national economy, with 93% expecting economic growth in 2025. This confidence significantly surpasses the Asia-Pacific survey average of 67% and is the highest among the 11 markets surveyed.
Chris Freeland, CEO of CPA Australia, attributes this optimism to Vietnam’s young, tech-savvy, and entrepreneurial workforce. He emphasized that the country’s small business sector is driven by dynamic entrepreneurs who rapidly adopt new technologies and innovative solutions, making them regional leaders in digital transformation.
Youth-Driven Growth and Technological Advancements
Vietnam has the youngest entrepreneurial force in the Asia-Pacific region, with 70% of small business owners under the age of 40. These entrepreneurs are known for their long-term vision, readiness to take short-term risks for future gains, and willingness to experiment with emerging technologies.
CPA Australia’s survey highlights Vietnam’s leading position in technology adoption among small businesses. Key digital trends include:
- E-commerce: A growing number of small businesses are leveraging online platforms for sales and marketing.
- Social media integration: Businesses are increasingly using social channels to engage customers and expand their reach.
- Digital payments: Widespread adoption of digital transactions is streamlining financial operations.
- IT consultancy: Many firms are seeking expert advice to enhance digital strategies and security.
Access to Funding Fuels Expansion
Financial accessibility has played a crucial role in small business growth. In 2024, 80% of small businesses in Vietnam sought external financing, up from 73% in 2023. This trend indicates a strong appetite for investment and expansion among entrepreneurs.
Vietnam’s small businesses are also looking beyond national borders. In 2025, 28% of businesses expect a significant boost in overseas sales, nearly doubling from 15% in 2024. This shift underscores growing confidence in competing on the global stage, despite economic uncertainties.
Commitment to Sustainability and Innovation
Vietnam’s small businesses are increasingly integrating environmental, social, and governance (ESG) practices into their strategies. More companies are focusing on sustainable initiatives and responsible business practices while maintaining innovation as a core driver of growth in 2025.
With strong economic confidence, rapid digital transformation, and a young entrepreneurial workforce, Vietnam’s small business sector is poised for further expansion in 2025. The country continues to solidify its position as a leader in small business growth within the Asia-Pacific region.
