Small businesses play a vital role, as the “heartbeat” of global and local economies , accounting for approximately 90% of businesses and more than 50% of the workforce worldwide.
Visa has been accompanying many support programs for SMBs in Vietnam in 2023.
To increase access to under-resourced SMBs and women-owned businesses in APEC economies, the Visa Foundation is committing $100 million over five years to advance digital finance, encourage job creation, and increase access to capital for economic development. Through this commitment, the Visa Foundation will work with local partners to create employment opportunities for marginalized communities.
At the same time, Visa’s long-term goal has been to help many SMBs meet diverse payment needs in an increasingly dynamic commerce ecosystem. Visa focuses on digitizing multiple payment methods for customers, in paying for supplies, goods and services as well as providing access to financial skills through training andeducation . Of the nearly 67 million SMBs that Visa has accompanied, an estimated 29.6 million SMBs come from economies in the APEC region.
Ms. Dang Tuyet Dung, Visa Country Manager for Vietnam and Laos, said: "Small and micro businesses are at the heart of Vietnam's growing economy and Visa is proud to support their growth through the application of safe and convenient digital payments. With a long-term commitment, Visa will continue to deploy innovative and creative financial and payment solutions to support small and micro businesses in Vietnam to grow stronger."
Visa has been involved in many support programs for SMBs in Vietnam. In 2023, Visa launched the SMB Accelerator Program and supported 20,000 SMBs and partners. Initiatives to expand this program to accelerate the growth of SMBs will also focus on establishing broad partnerships with ecosystem players to serve smaller merchants and deploy solutions quickly for small and micro businesses.
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