Nation lags behind peers in entrepreneurial zeal

However, those attending the launch ceremony of the Global Entrepreneurship Monitor (GEM) Vietnam Report 2013, held in Hanoi on April 27, were told that entrepreneurs in the country are increasingly valued and the number of citizens seeking to become businesspeople has also increased.

This report, the first of its kind in Vietnam, revealed that the percentage of adults who acknowledged opportunities to start a new business in 2013 was only 37%, much lower than the average rate of 60% in countries which have similar development levels to Vietnam.

Luong Minh Huan from the Vietnam Chamber of Commerce and Industry (VCCI)'s Business Development Institute said in terms of business conditions in Vietnam, there are three indices, including infrastructure, dynamic characteristic of domestic market and culture and social standards, which reach an average ranking of three.

Nine remaining indices, such as business support services, accounting, auditing and legal consultancy, are also not developed to their potential, said the report. The Government's support programmes, financing for businesses and business education at high schools are listed at the bottom of the list.

"This shows that the country has had a lack of consultancy and business support services," Huan said.

Further, VCCI chairman Vu Tien Loc said the report provided an overall picture on business landscape in Vietnam throughout various periods.

It also helped Vietnam have comparisons with other countries in the ASEAN region.

Loc also recommended that Vietnam should build trust for entrepreneurs by maintaining policies to stabilise the macroeconomy, making policies transparent and creating an equal environment for competition among economic sectors.

The report is expected to serve in creating polices and decisions for business development in the future.

The GEM report collected data from more than 200 respondents in 70 countries accounting for 75% of the world's population and 90% of global GDP.