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Large family businesses make up 25% of Vietnam's GDP

by VTV404 November 2019 Last updated at 18:31 PM

VTV.vn - The hundred largest family businesses in Vietnam contributed 25% of the country's gross domestic product (GDP), according to data from the Vietnam Chamber of Commerce and Industry (VCCI).

Over the past three years, the private sector always contributed more than 40 percent of GDP, which helps create jobs and attracts 83 percent of the workforce. 43 percent of Vietnam's total social investment also came from the private sector.

More than half of 10,000 firms under the management of Ho Chi Minh City Union of Business Association are family businesses, which were established when the Law on Enterprises and the Law on Companies were introduced in 1990.

However, on a global scale, more than 70 percent of family enterprises struggle to maintain the business during the second generation, while 90 percent cannot extend to the third generation.

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