The forum is part of the programme “WE RISE Together: Creating Equal Market Opportunities for Women and Women-Owned Enterprises through Gender-Responsive Procurement,” supported by the Australian Government through the Mekong-Australia Partnership.
Currently, in Vietnam, over 20% of small and medium-sized enterprises are women-owned, with 51% of Vietnamese businesses having women in their ownership structure, a higher proportion compared to other countries. However, most women-led enterprises operate at the lowest level of the supply chain in various sectors and struggle to meet procurement requirements from larger companies.
Statistics indicate that although women make up nearly half of the world's population, they only contribute 37% to global GDP. Empowering women's participation in the economy equally could boost global GDP growth by up to 28 trillion USD by 2025. Globally, it is estimated that women own about 33% of all businesses. If women-owned enterprises were to grow at the same rate as those led by men, global GDP could increase by an additional 2 trillionUSD, equivalent to 2% to 3% of global GDP, and create between 288 million to 433 million new jobs.
At the forum, 100 delegates representing government ministries, embassies, international organisations, associations, financial institutions, and businesses gathered to share and discuss solutions to support women-owned enterprises in accessing markets and participating in the supply chain through the application of sustainable development tools.
Delegates and business representatives highlighted the main reasons for this situation, including limited access to capital and markets, the lack of business support networks for women, fewer training programs and mentoring opportunities for female entrepreneurs, and the burdens of family care responsibilities and biases against women's business capabilities.
Speaking at the forum, Caroline T. Nyamayemobe, the UN Women Representative in Vietnam, emphasised, "Evidence shows that countries with higher gender equality have faster economic growth and are more competitive. Applying sustainable development tools, such as gender-responsive procurement policies and Women's Empowerment Principles (WEPs), is a smart choice to help businesses make a difference and achieve sustainable development."
The forum provided updates on the business roadmap to achieve Vietnam's Sustainable Development Goals, solutions to support businesses in meeting national and international sustainable development standards, and shared policies and programs to enhance market access and provide financial and non-financial support for women-owned and women-led enterprises.
On this occasion, 22 Vietnamese businesses pledged their support for the Women's Empowerment Principles (WEPs), demonstrating their commitment to promoting gender equality in the workplace, marketplace, and community.
Additionally, the Organizing Committee launched the Women's Empowerment Principles Awards 2024, an initiative by UN Women implemented in 2020, to recogniseefforts in implementing the Women's Empowerment Principles.
