Understanding these challenges is key to unlocking solutions. A recent study by RMIT Vietnam, published in the Journal of Small Business and Enterprise Development, reveals the motivators and barriers influencing female entrepreneurship in Vietnam today.
The identified barriers include gender prejudice, lack of training and financial support, insufficient personal skills, and work-life balance challenges.
The study highlights the urgent need to address these challenges through training, financial inclusion, and cultural shifts to ensure a thriving ecosystem for women entrepreneurs in the decades to come.
Transforming education and training
Education is a cornerstone of entrepreneurial success. However, as RMIT Associate Lecturer of Human Resource Management Pham Thanh Hang points out, existing training programs often fall short of equipping women with practical business skills.
“Current programs are too theoretical and don’t focus enough on critical skills like negotiation, digital literacy, and strategic planning,” she says. She emphasises the need for more industry-specific training, particularly in fields such as consultancy, tourism, and retail, where skill gaps are most pronounced.
Ms Hang also says it is crucial to integrate entrepreneurial education into the curriculum from an early age, with specific support for girls to cultivate a business mindset.
Efforts to strengthen quality education for women and girls, particularly in STEM fields, are needed for successful digital transformation and economic empowerment, according to RMIT Senior Lecturer of Management Dr Greeni Maheshwari.
“Integrated STEM-business programs could bridge the gender gap in innovation-driven industries, ensuring women acquire both technical expertise and entrepreneurial competencies,” she says.
Expanding financial support
Access to funding remains one of the most significant barriers for women entrepreneurs, particularly in the retail sector.
To mitigate this, RMIT academics suggest the government could develop platforms or mobile apps that inform women about available funding opportunities. Women-focused funds could provide crucial support for high-growth, high-impact enterprises founded by women.
Dr Maheshwari points to initiatives like the Women Accelerating Vibrant Enterprises in Southeast Asia and the Pacific (WAVES) program, which has increased access to finance for women-owned businesses in Southeast Asia. She also cites the success of India’s Mahila Money, a digital financing platform providing collateral-free microloans and financial literacy tools for women.
“Tailoring these models to Vietnam’s regulatory and digital landscape will help women scale their businesses effectively,” she said.
