Women could help boost global GDP to $28 trillion by 2025

This was the content shared at the Business Forum discussing support for women-owned businesses to access markets and participate in supply chains through the application of sustainable development tools, held in Hanoi on the morning of April 17.

The forum was organized by the Vietnam Women Entrepreneurs Council under the Vietnam Confederation of Commerce and Industry (VCCI) and the United Nations Entity for Gender Equality and the Empowerment of Women (UN Women), with the support of the Joint Stock Commercial Bank for Investment and Development of Vietnam ( BIDV ) and the participation of more than 100 delegates.

According to the report, currently, in Vietnam, more than 20% of small and medium-sized enterprise owners are women; 51% of Vietnamese enterprises have women in their ownership structure, higher than in other countries. However, women-owned enterprises are mostly at the lowest level of the supply chain in many industries and have difficulty meeting the purchasing requirements of large companies.

Women make up nearly half the world’s population, but they currently contribute just 37% of global GDP. Empowering women to participate equally in the economy could boost global GDP by $28 trillion by 2025.

At the Forum, delegates and business representatives pointed out the main causes of this situation. According to Mr. Nguyen Quang Vinh - Vice President of VCCI, the majority of women-owned businesses are small-scale, facing difficulties in capital, technology, and management, so participating in global supply chains is extremely difficult. That is the reason, only about 4% of small and medium-sized enterprises owned by women are assessed as dynamic and able to participate in global supply chains.

Mr. Nguyen Quang Vinh, Vice President of VCCI shared at the forum

Speaking at the Forum, Ms. Caroline T. Nyamayemobe, UN Women Representative in Vietnam emphasized: "Evidence shows that countries with higher gender equality have faster growing and more competitive economies. Applying sustainable development tools such as gender-responsive procurement policies and the Women's Empowerment Principles (WEPs) is one of the smart choices to help businesses make a difference and develop sustainably."

The forum updated information on the roadmap for businesses to implement Vietnam's Sustainable Development Goals; solutions to support businesses in meeting national and international sustainable development standards; and shared policies and programs to enhance market access, financial and non-financial support for businesses owned and led by women.

On this occasion, 22 Vietnamese enterprises signed the Women's Empowerment Principles (WEPs), demonstrating their commitment to promoting gender equality in the workplace, in the marketplace and in the community. Previously, Vietnam had 184 companies out of 9,485 global companies that signed the WEPs.

Forum with the participation of more than 100 delegates

At the Forum, the Organizing Committee also launched the Women's Empowerment Principles Awards 2024 (WEPs Awards 2024), an initiative of UN Women implemented since 2020.

Source: https://phunuvietnam.vn/phu-nu-co-the-giup-tang-truong-gdp-toan-cau-len-28-nghin-ty-usd-vao-nam-2025-20240417103458213.htm