Hanoi (VNA) - Some 62% ofwomen-led small and medium-sized enterprises andmicro-businesses reported increased revenue after adopting digitalpayments, according to a recent study on small and medium-sized businesses(SMBs) in Vietnam released by Visa, a global leader indigital payments.

According to the study, considering thatwomen constitute over half of Asia's population, the Asia Pacific economy,including the Vietnam market, could gain an additional 89 billion USD annually ifwomen were able to maximise their economic potential. 

SMBs are crucial for Vietnam's economic growth, with SMBsaccounting for 96% of all businesses of Vietnam and employing 47%of the labour force, it said.

The study found that, with the adoption of digital payments, managingbusinesses has become easier for 73% of the surveyed SMBs in Vietnam. Almostthree-quarters of the respondents have adopted digital payments, while 42%accept card payments. The primary factors influencing these decisions includeease of management, impact on sales, and the security afforded by banktransfers. 

Furthermore, two-thirds of the surveyed SMBs collaborate with more than onepayment provider. Among the businesses that have started accepting digitalpayments, those accepting cards witnessed the most significant turnoverincreases (79%), compared to those who did not accept cards (46%).

Digital payments enable fast transfers, and cashless everyday transactions fora better commerce experience. Visa supports SMBs in Vietnam through wideacceptance and protection for merchants and customers, and protection againstfraud. 

“My business has grown since I introduced digital payment methods. I appreciatethe convenience, speed, and the ability to easily track payment records. Itprovides my customers with a convenient cashless payment option too. I hope toexpand my business beyond Vietnam so enabling cross-border payments will helpme grow my customer base,” said Nguyen Minh Tram, CEO & Founder, Sorella Beauty & Spa.

"SMBs are the backbone of Vietnam's thriving economy andVisa is proud to contribute to their growth by providing secure and convenientdigital payment solutions,” said Dung Dang, Visa Country Manager for Vietnamand Laos. “Visa is committed to continue introducing innovative financial andpayment solutions, so they can build on this foundation to grow theirbusiness.” 

In Vietnam, Visa is committed to helping SMB owners and startups, having signed athree-year MoU with the State Bank of Vietnam. Visa launched its SMB Accelerator Program in Vietnam in 2023 tosupport SMBs and partners, including through faster onboarding andcomprehensive take-to-market support. The expanded SMB Accelerator initiativeswill also focus on a wider set of partnerships with ecosystem participants toserve smaller sellers and fast-track solutions deployment for SMBs. 

The Visa Foundation has also pledged 100 million USD over five years to accelerate access for underrepresented andwomen-led SMBs in APEC economies, including Vietnam, Indonesia, thePhilippines, Mexico, and Peru. Of the nearly 67 million SMBs reached by Visaglobally, approximately 29.6 million are from APEC economies, with 10.9 millionbeing women-led SMBs./.