Small businesses record a four-year high growth rate
Some 82% of small businesses reporting growth in 2024, the highest rate since 2019.
Vietnamese small businesses experienced a successful 2024, with 82 per cent reporting growth, up from 77 per cent in 2023 - the country’s highest result since 2019, according to a report from the Government News, citing a survey from CPA Australia - one of the largest professional accounting bodies in the world.
This momentum is expected to accelerate in 2025, with 92 per cent of small businesses expecting to grow, the highest projection among 11 markets surveyed, according to CPA Australia.
Confidence in Vietnam's economy is equally strong, with 93 per cent of small businesses expecting the economy to grow in 2025, well above the Asia-Pacific survey average of 67 per cent, and again the highest result among all surveyed markets.
CPA Australia's CEO Chris Freeland was quoted by the news as attributing this optimism to Vietnam's young, tech-savvy and entrepreneurial small business community.
Vietnam's small business sector is driven by dynamic and youthful entrepreneurs that embrace technology and innovation. Their ability to adapt quickly and invest in digital solutions is positioning them as regional leaders, Mr. Freeland said.
For example, Vietnam's small businesses rank at or near the top across the Asia-Pacific in all indicators of tech adoption, including e-commerce, social media use, digital payment options and seeking advice from IT specialists, he added.
Easier access to funding has also fueled growth, with 80 per cent of Vietnamese small businesses seeking external finance for growth in 2024, up from 73 per cent in 2023.
Vietnam's small businesses are also becoming more internationally focused. In 2025, 28 per cent anticipate strong improvement in overseas sales, up from 15 per cent in 2024. This signals growing confidence in their ability to compete globally, despite global uncertainty.
Technology-driven investments continue to give strong and quick returns, with 88 per cent of small businesses reporting their investment in technology last year improved their profitability. Notably, AI investment among Vietnam's small businesses doubled in 2024 to 44 per cent from 2023, with nearly half using AI for business advice.
Vietnamese small businesses are increasingly willing to experiment and integrate technologies like AI into their operations, Mr. Freeland said, adding that while most other markets appear to be taking a more cautious approach, Vietnam's small businesses are leading the way in AI investment.
