Innovation gives small businesses confidence

Survey shows small businesses in Vietnam are confident in growth thanks to drastic innovation and creativity.

Survey information 86% of businesses predict to accelerate thanks to strong growth rate of the economy .

Up to 77% of small businesses in Vietnam recorded growth in 2023, lower than only 2 out of 11 markets participating in the "Small Businesses in Asia - Pacific " survey.

Mr. Nam Nguyen FCPA - Chairman of the Southern Vietnam Strategic Advisory Board of CPA Australia - said that more than 90% of Vietnamese small businesses are confident in the domestic economy and expect growth. He further explained that this is partly due to the focus on innovation that has contributed to the long-term development and improved competitiveness of these businesses.

Many small businesses have similar characteristics to high-growth businesses, such as access to and application of high technology, focus on improving management capacity and business strategy, and innovation.

Some small businesses have the potential to become large global corporations in the next few years, and if they have access to effective capital, this will help boost their business growth.

According to Mr. Nam, another factor contributing to this success comes from the fact that the average age of business owners or general directors of small businesses in our country is the youngest in the region, with 65% of leaders under 40 years old compared to the regional average of 43%.

The data also shows that this group of young leaders often run growing businesses that focus on investing in technology and innovation.

Additionally, the survey found that the majority of small businesses have stepped up their security efforts in the past six months, suggesting that increased cybersecurity is more important than ever.

In fact, in 2023, 64% of small businesses in Vietnam "spent time and money" dealing with cyber incidents, and 70% of businesses are expected to experience more cyber attacks this year.

"Small businesses should proactively implement security measures to prevent damage from cyber security threats because they can seriously affect profits, customer trust and employee morale," Mr. Nam Nguyen FCPA recommended.

CPA Australia is considered one of the largest accounting associations in the world , currently having over 170,000 members in more than 100 countries and regions with more than 21,000 members in Southeast Asia.

Starting operations in Vietnam since 2008, CPA Australia's two headquarters are located in Hanoi and Ho Chi Minh City, providing core services in education, training, professional support and policy advice.

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Source: https://baolaocai.vn/doi-moi-sang-tao-giup-doanh-nghiep-nho-tu-tin-post384844.html