Cultivating The Spirit Of Entrepreneurship

               
By Hardy Diec | First published: October 24, 2018    Updated: June 24, 2020

Entrepreneurship in Vietnam is increasingly on the up – especially amongst the young. We explore how encouraging youth entrepreneurship can help drive the Vietnamese economy.

Entrepreneurship drives the economies of nations and the planet. While many people view it as a profit-making endeavor, some of today’s rising entrepreneurs are driving innovative ideas to break away from this mould. They are aligning business growth with human purpose to make significant contributions that benefit local communities.

Inspiring entrepreneurship among today’s youth is becoming increasingly important, and many countries have made it a vital part of their growth agenda. For example, Vietnam’s Law on Support for Small- and Medium-sized Enterprises provides special support to small- and medium-sized enterprises (SMEs), start-ups, and innovative ventures so that they have equal access to important resources such as funding, land, and investments. The objective is to cultivate an ecosystem that encourages entrepreneurship.
Vietnam's youth are tech savvy and open to trying new and emerging technologies. The internet economy in Vietnam is a leader in South East Asia

Entrepreneurship in Vietnam certainly has significant potential given the country’s sizeable young and educated workforce.Vietnam’s youth are tech savvy and open to trying new and emerging technologies. The internet economy in Vietnam is a leader in South East Asia growing at 40% in 2019. This positive view is also backed by FedEx research which shows the optimism shown by Vietnamese SMEs towards adopting technologies such as mobile payments, big data, advanced analytics, and software automation to further drive operational efficiencies and business growth.
Vietnam's youth are tech savvy and open to trying new and emerging technologies. The internet economy in Vietnam is a leader in South East Asia

The OECD recognizes encouraging youth entrepreneurship certainly helps address the challenge of youth unemployment. Beyond benefitting the economy and society, entrepreneurship brings out the best among youth, imparting many valuable skills. It teaches young people how to plan better, problem solving and decision-making skills, how to recognize risks, as well as how to become financially responsible.

Cultivating a spirit of entrepreneurship is at the heart of our continued support of the FedEx Express Junior Achievement International Trade Challenge (ITC). In this annual competition student create international market entry strategies with a product and target market that changes every year. Launched by FedEx and Junior Achievement in 2007, 20,000 young entrepreneurs have now participated in the competition across the Asia Pacific region. This includes more than 350 students from 31 schools in Vietnam. In 2018 a student from Hanoi won the regional ITC championship held in Singapore.

Initiatives like the ITC continue to develop students’ knowledge, provides training and drives their entrepreneurial creativity. Giving them a venue to experiment with business ideas and develop a plan to realize these ideas, not only gives inspiration, but enables them to explore new ideas and careers.

Cultivating the spirit of entrepreneurship among today’s youth presents a wealth of benefits not only for the young, but also for their local communities. Through entrepreneurship, their potential business can deliver positive changes including the creation of jobs and other income-generating opportunities in their community.

For more insights on youth entrepreneurship, including the annual FedEx Express/ Junior Achievement International Trade Challenge in APAC, stay connected with us on LinkedIn.
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About the Author

Hardy Diec

Managing Director,
IndoChina, FedEx Express

Hardy is responsible for FedEx operations in Vietnam, Laos and Cambodia, and has over 20 years experience in the Asian logistics industry. Hardy is an executive member of EuroCham and DutchAm Vietnam and CAPEC Vietnam.

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