Viet Nam’s legal framework enables women to participate in economy: ADB’s report
VGP - Viet Nam’s comprehensive legal framework enables women to participate in the wider economy, noted the first-ever study on women-owned small- and medium-sized enterprises (SMEs) in the country.
The report, named "Facilitating Entrepreneurship Growth by Lifting Barriers: A White Book on Women-owned Small- and Medium-Sized Enterprises in Viet Nam", was developed by the ADB in partnership with the Ministry of Planning and Investment's Agency for Enterprise Development.
It is an integral part of the "Women Accelerating Vibrant Enterprises in Southeast Asia and the Pacific" (WAVES) program, funded by the Women Entrepreneurs Finance Initiative (We-Fi).
The report indicated that Law No. 73/2006/QH11 dated November 29, 2006 on gender equality came into effect in 2007 and mandates government bodies to fulfill their responsibilities on gender equality and to address violations.
In addition, the law outlines numerous protections for women that are not common in other economies within the region or globally.
Notably, Viet Nam mandates equal pay for work of equal value, unlike Indonesia, Malaysia, and Singapore.
Additionally, in surpassing the International Labor Organization's (ILO's) minimum recommendation of 14 weeks, Viet Nam has among the highest allowances for paid maternity leave in the selected sample.
Women own only about 1-in-4 Vietnamese businesses, but this proportion compares well with many other economies.
According to the Mastercard Index of Women Entrepreneurs (MIWE) published in 2020, Viet Nam ranks 23rd in its share of women as a percentage of business owners out of the 58 economies selected for the assessment.
In Viet Nam, 26.5 percent of business owners are women, and this compares favorably to other economies in the region (Thailand 23 percent; Indonesia 21 percent; and Singapore 24 percent).
Globally, Viet Nam scores well against economies such as France (24 percent), and Sweden (20 percent), highlighted the report./.