TAILIEUCHUNG - An inquiry into the development of SMEs in Vietnam: The roles of human capital and social capital
SMEs contribute greatly to GDP and job creation in Vietnam. Studies of what factors are important to the development of SMEs in Vietnam are, however, scarce. Particularly, there has been little rigorous research focusing on the roles of human and social capital of the owners. This study reveals that education, knowledge, and social networks of the owners are essential for innovations in management and performance of the SMEs in Vietnam. | RESEARCHES & DISCUSSIONS SMEs contribute greatly to GDP and job creation in Vietnam. Studies of what factors are important to the development of SMEs in Vietnam are, however, scarce. Particularly, there has been little rigorous research focusing on the roles of human and social capital of the owners. This study reveals that education, knowledge, and social networks of the owners are essential for innovations in management and performance of the SMEs in Vietnam. Keywords: SMEs, human capital, social capital, firm performance, determinants 1. Introduction In line with the country’s economic reform and growth, the past 25 years from “ñoåi môùi” (Renewal) have seen a dramatic development of SMEs in Vietnam. As an important part of the country’s development policy, SMEs have the vital roles to play in terms of GDP contribution, job creation, and poverty reduction. The Decree 56/2009/Nñ-CP categorizes SMEs as very small, small, and medium enterprises according to their employment and capital size. In fact, the promulgation of the 1999 Companies Law created a breakthrough in development of the pri- vate sector. Since then, there has been an enormous increase in the number of the enterprises in all sectors, and SMEs accounted for 97% of the total number of enterprises of all types in 2008 (Table 1). According to this table, the trading and service sector attracts the best part of SMEs in Vietnam, followed by the manufacturing and construction sector. During the past 10 years, SMEs have been contributing significantly to the Vietnam economy. They accounted for 40% of the GDP (Vietnam Business News, 2010); 56% of the total investment and and 35% of export value (GSO, 2009). SMEs Table 1: SME development in Vietnam 2000 Number of SMEs 2004 2008 39,897 88,222 201,580 Having less than 5 employees 10,169 17,977 44,474 Having 5 to 9 employees 10,900 26,459 70,454 Having 10 to 49 employees 12,071 32,443 69,712 Having 50 to 299 .
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