 |
| Vietnam is moving to pilot a “one-person business” model under its newly issued National Strategy on Innovative Startups. (Illustrative photo: VNA) |
Hanoi (VNA) – Vietnam is moving to pilot a “one-person business” model under its newly issued National Strategy on Innovative Startups, in a bid to accelerate growth, fuel innovation and strengthen national competitiveness.
The strategy outlines bold targets by 2030, including 1 million one-person businesses, 5 million business entities, 10,000 tech startups, 45 startup support networks, a position among the world’s top 40 innovation ecosystems, and 1.5 billion USD in venture capital.
By 2045, the country envisions a startup-driven economy as a core pillar, with one in 10 citizens engaged in entrepreneurship, one enterprise for every 35 people, one innovative startup per 5,000 people, and 10 billion USD in venture capital.
To kick-start this vision, the Government is prioritising the development of a pilot policy framework for the “one-person business” model.
Experts say household businesses still dominate Vietnam’s economic landscape but remain constrained in scaling up and integrating into modern value chains. The proposed model is expected to offer a more transparent, flexible alternative.
Deputy Minister of Science and Technology Hoang Minh described the model as vivid evidence of a new wave of mass entrepreneurship. Leveraging digital platforms, individuals can register, manage finances, fulfil tax obligations and run operations entirely online, making it a potential driver of digital economy growth.
Pham Duc Nghiem, deputy head of the ministry’s National Agency for Startups and Technology Entrepreneurship, noted that dynamic economies typically average around 30 people per enterprise, while a ratio above 60 may signal rising unemployment risks. Vietnam’s current ratio exceeds 100, underscoring the need to expand enterprise numbers, create jobs and tap into individual creativity through models like one-person business.
The ministry is working with the Ministry of Finance to streamline tax and reporting procedures, while pilot schemes are being developed in Hanoi, Ho Chi Minh City and Da Nang ahead of a nationwide rollout.
Meanwhile, Assoc. Prof. Dr. Nguyen Van Minh, Director of the Institute for Business Training and Consultancy at the Foreign Trade University, highlighted how rapid advances in digital technology and artificial intelligence are reshaping business models worldwide, with the emergence of “one-person billion-dollar companies” powered by automation.
He warned that businesses slow to adapt risk being left behind. In Vietnam, a growing number of freelancers in fields such as consulting, design and technology are already operating in ways akin to this model. Formalising and expanding it could help cultivate a new generation of flexible, creative and tech-savvy entrepreneurs./.
