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Vietnam's High Entrepreneurial Spirit

Summary

Vietnam ranked 7th in start-up spirit.

500,000 businesses have been registered in Vietnam since 2000.

Private enterprises account for 37.4% of top 500 companies in Vietnam.

Vietnam ranked #7 out of 44 countries in a recent survey on "Start-up Spirit". Vietnam ranks after Denmark, South Africa, Thailand, United Kingdom, China and India, according to the survey by Technische Universitat Munchen, Geselleschaft Konsumforchung and Amway.

The survey attracted nearly 50,000 participants across the 44 countries surveyed. Of the participants surveyed in Vietnam, 89 percent said they were ready to start up their own business, 75 percent thought that starting a business was a viable proposition and 67 percent said they were undeterred by the social forces on whether to launch a business.

People in the age group of 34 and below had the strongest desire to become business owners, whilst the middle age group were the most confident as they had the necessary knowledge, skills, and resources.

Since 2000 when private enterprises were officially allowed to register for business in Vietnam, over 500,000 new businesses have been registered and continue to operate. Many more were registered but have failed along the way. Undoubtedly the entrepreneurial spirit of young Vietnamese and the age profile of the population accounts for a significant percentage of these startups.

Today private enterprises account for 37.4 percent of the top 500 companies in Vietnam, and 30 of the top 500 companies had revenue higher than US $1 billion. Foreign-invested enterprises accounted for 21 percent of the top 500 companies.

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