Việt Nam's small business growth soars to a four-year high

Việt Nam's small business growth soars to a four-year high

The survey findings released in HCM City on March 21 show that the growth momentum is expected to accelerate in 2025, with 92 per cent of small businesses expecting to grow, the highest projection among 11 markets surveyed.

Workers process agricultural products for export. — VNA/VNS Photo

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 annual small business survey of CPA Australia - one of the largest professional accounting bodies in the world.

The survey findings released in HCM City on March 21 show that the growth momentum is expected to accelerate in 2025, with 92 per cent of small businesses expecting to grow, the highest projection among 11 markets surveyed.

Confidence in Việt Nam’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 attributes this optimism to Việt Nam’s young, tech-savvy and entrepreneurial small business community.

He said Việt Nam’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.

Specifically, Việt Nam has the youngest entrepreneurial force with 70 per cent of small business owners under the age of 40. Many Vietnamese small business owners have a long-term vision, willing to accept short-term challenges for future profits as well as experiment with new, unproven technologies.

CPA Australia’s survey also shows that Việt Nam’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.

Easier access to funding has also fuelled growth, with 80 per cent of Vietnamese small businesses seeking external finance for growth in 2024, up from 73 per cent in 2023.

Việt Nam’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.

Việt Nam leads CPA Australia’s surveyed markets in terms of small business’ confidence in the local economy. Vietnamese small businesses are increasingly putting more effort into environmental, social, and governance (ESG) activities, and promoting innovation in 2025. 

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