Vietnam's small businesses are reaping the benefits of their investments in innovation, technology e-commerce and exports, reporting the strongest growth in the Asia-Pacific and expressing confidence in the local economy, according to new survey data from CPA Australia. The findings from CPA Australia's 10th annual Asia-Pacific Small Business Survey follow extensive surveying of more than 3,600 small business operators in ten markets, including Australia, Hong Kong, Mainland China, Singapore and Malaysia. The survey is a measure of business confidence, hiring intentions, innovation and adoption of technology and social media. CPA Australia Manager of Business and Investment Policy Gavan Ord says the survey data from Vietnam's small businesses marks the fourth year in a row that Vietnam has shown very strong growth and high levels of confidence in the local economy and their own prospects for growth. "Nine in ten small businesses in Vietnam reported that they grew in 2018, the highest result of all the markets surveyed. These very positive conditions look set to continue in 2019, with a similar number (91.3 per cent) of businesses expecting to grow in the coming 12 months, despite global economic uncertainties. Highlighting the very high level of small business confidence, 43.7 per cent of businesses expect to grow strongly. "Small business confidence in the growth prospects for Vietnam's economy is the highest of the ten markets surveyed. While the overall results are very similar to 2017, the percentage of businesses that grew strongly was down from 41.5 per cent in 2017 to 26.9 per cent in 2018. "On the key measures of innovation, e-commerce, social media use and exports – all drivers of business growth - Vietnam's small businesses are showing strong performance and outperforming many of their competitors in the Asia Pacific, including Australia. "A key factor driving expected growth in Vietnam's small business sector is exports, with 29.4 per cent of respondents expecting their revenue from overseas sales to increase strongly in 2019 - the highest result of the markets surveyed, but well down from the previous results, where 51.2 per cent of Vietnam's small businesses expected their exports to grow strongly. This decline no doubt reflects concerns over how global trade tensions may impact exports. "Vietnam's small businesses have performed strongly for a number of years and the small business sector continues to be very positive. On the back of this strong performance, we are likely to see several Vietnamese small businesses evolve to become large, successful global businesses in the coming years," Ord says. -ENDS- About CPA Australia CPA Australia is one of the world's largest accounting bodies with more than 164,000 members working in 150 countries and regions around the world, and with more than 25,000 members working in senior leadership positions. 2018 saw CPA Australia celebrate a major milestone - 10 years in Vietnam, where we are proud to have more than 1,000 members. About CPA Australia Asia-Pacific Small Business Survey The CPA Australia Asia-Pacific Small Business Survey provides annual insights into the views of small businesses across the region and forms part of a longitudinal study that began in 2009. The 10th CPA Australia annual survey comprised extensive surveying of 3607 small business operators in ten markets, including Hong Kong, Mainland China, Taiwan, Malaysia, Vietnam, Indonesia, Singapore, the Philippines, Australia and New Zealand. Market Summary – Vietnam https://www.cpaaustralia.com.au/~/media/corporate/allfiles/document/professional-resources/business-management/small-business-survey/small-business-survey-2018-market-summary-vietnam.pdf?la=en Asia-Pacific Small Business Survey https://www.cpaaustralia.com.au/~/media/corporate/allfiles/document/professional-resources/business-management/small-business-survey/small-business-survey-2018.pdf?la=en Media contact: Hanoi Tran Thien Huong Vietnam Chief Representative CPA Australia T: +84 4 6263 4322 M: +84 (0) 913581829 E: Huong.Tran@cpaaustralia.com.au Ho Chi Minh City Huynh Ngoc Thien Regional Manager - South Vietnam CPA Australia T: +84 28 3520 8338 E: Thien.Huynh@cpaaustralia.com.au SOURCE: CPA Australia