Vietnam sets target of one million ‘one-person businesses’

At the regular press conference of the Ministry of Science and Technology at the end of April, representatives of the Department of Startups and technology enterprises shared the main points of Resolution 86 on the National Creative Startup Strategy.

The resolution strongly emphasizes the role of creative entrepreneurship, considering it a long-term national strategy and “the cause of the entire people”, along with the requirement to “widely spread the entrepreneurial spirit, accept risks, and be tolerant of failure”, in order to form a culture of innovation in the entire society.

A new point in the strategy is the emergence of the “one person business” model, with the goal of one million businesses by 2030.

According to Mr. Pham Duc Nghiem, Deputy Director of the Department of Startups and Technology Enterprises, in the past, a business needed at least 5 people, including leaders, accountants and functional departments, but now with digital tools and virtual assistants, “it is possible to develop a one-person business model”.

He said that creating a favorable environment for everyone to start a business through a digital technology platform is a way to realize the concept of “all-people entrepreneurship” or “creative entrepreneurship for all people”. This is also one of the four major viewpoint groups of the National Strategy on Innovative Startups.

According to a representative of the Department of Startups and Technology Enterprises, the plan aims to create opportunities for enrichment and creativity for all sectors of society, while creating new growth momentum for the country.

From an economic perspective, Mr. Nghiem compared that for every 30 people on average who have a business, the economy will have enough jobs and ensure dynamism. Meanwhile, if “there is only one business for more than 60 people”, the risk of lack of jobs will appear.

Currently, Vietnam is at the level of “more than 100 people have a business”. According to him, this is the reason why the shortage of part-time jobs is still common. Expanding the force of start-up businesses will contribute to solving the employment problem and promoting economic growth.

In addition to the “one-person business”, the national strategy on creative startups aims to develop 5 million business entities, 10,000 startups, and 45 connection systems by 2030. At this time, Vietnam will enter the top 40 global innovation ecosystems and mobilize 1.5 billion USD in venture capital for startups.

By 2045, Vietnam strives to achieve a ratio of one person starting a business for every 10 people, every 35 people having a business, and every 5,000 people having an innovative startup business. The amount of venture capital invested in Vietnam is expected to reach 10 billion USD.