Capacity building and business development support for women-owned enterprises

In the morning of March 25, 2024, the Center for Women and Development (CWD) launched the project “Accelerate My Business: Capacity building and support for women-led micro, small and growing businesses in Vietnam”.
Representatives of the Vietnam Women's Union, Center for Women and Development, Asia Foundation, and Visa launched the project "Accelerate My Business"

The program had the participation of more than 50 representatives from relevant government agencies, the Vietnam Women’s Union, donors and local implementing partners. The project “Accelerate My Business” was approved by the Vietnam Women’s Union at Decision No 3507/QD-DCT dated 22/02/2024, supported by Visa and will be implemented by The Asia Foundation and Center for Women and Development in collaboration with three local microfinance service providers, including TYM MFI, Thanh Hoa MFI and VietED Group. 

Ms. Duong Thi Ngoc Linh - Director of the Center for Women and Development (CWD), said that the "Accelerate My Business" initiative was established in response to the COVID-19 pandemic, during which the economic state of over 40% of Micro, Small, and Medium Enterprises (MSMEs) across ASEAN was reportedly exacerbated, with women-led businesses disproportionately experiencing the greatest impact.

Ms. Duong Thi Ngoc Linh - Director of the Center for Women and Development is giving the opening speech

With its regional success in Malaysia and Indonesia, where 6,500 female business owners trained and mentored on digital upskilling, “Accelerate My Business” continues to expand to Vietnam, Nepal and other countries in the Asian region.

The Accelerate My Business project in Vietnam will focus on the provision of a foundation for digital, business, and financial education to Vietnam’s micro, small, and growing businesses in underprivileged areas – those who lacks access to the knowledge and skills needed for business digitalization and growth.

"The project has contributed to achieving the breakthrough of the Resolution proposed by the 13th National Women's Congress", which is ‘Innovating the Union's operating methods, focusing on the application of information technology’, and at the same time addressing the essential needs of female business owners, especially micro, small businesses, and household- ones. Thanks to the digitalized and cost-free training program, they will be equipped with comprehensive, practical, and flexible business knowledge, allowing for numerous opportunities to 'accelerate their business'.

Mr. Michael DiGregorio - Chief Representative of the Asia Foundation Office in Vietnam opened the program


Center for Women and Development hopes that the project impacts will extend beyond the 25,000 women who will get access to knowledge through online lectures, leading to broader economic development for women and their families in the communities, thus contributing to improving the quality of life for Vietnamese women." - Ms. Ngoc Linh said.

Mr. Michael DiGregorio - Deputy Country Representative of the Asia Foundation Vietnamalso said: “MSMEs continue to play an important role and contribute tremendously to Vietnam’s economic growth and job creation. However, the majority of MSMEs in Vietnam, especially those led by women, are currently facing numerous constraints that threaten to impede their continued advancement and their ability to compete in local and global markets, including limited access to skills, technology, business networking, market connectivity, and financing. This program that is generously supported by Visa works to address these challenges and promote further sustainability and growth of MSMEs in Vietnam.”

Delegates took photos at the program

Ms. Dang Tuyet Dung – Visa Country Manager for Vietnam & Laos shared: “The Accelerate My Business in Vietnam project contributes to Visa’s commitment to providing 500,000 upskilling opportunities to women and girls over ten years in developing Indo-Pacific Economic Framework (IPEF) economies but also holds the potential to help digitize microfinance lending models in underserved and rural areas.” Dung stressed that by equipping Vietnamese women entrepreneurs with education, mentorship, and resources, the initiative aims to uplift the lives of women entrepreneurs by catalyzing economic growth, fostering innovation, and building a more inclusive society for everyone, everywhere” in the long run. 

Ms. Dang Tuyet Dung, representative of Visa, spoke at the Launch Ceremony

The three microfinance service providers participating in this project have reaffirmed their strong commitment to provide digital and business upskilling for their microfinance clients. Through partnership with these microfinance service providers to provide digital and financial education for women-led businesses and marginalized populations, facilitating inclusive access to finance, the “Accelerate My Business” project hopes to contribute to the implementation of the National Digital Transformation Program and the National Start-up Initiative as well as the National Financial Inclusion Strategy in Vietnam.