Many Hanoi-based women-led firms have engaged in a project promoting the capacity of female businesswomen funded by the Australian Government.
| Products of a women-led business that conveys a message stating "Women are to be loved". Photos: Linh Pham/The Hanoi Times |
More than 10 women-led businesses in the agriculture and food sector have participated in the Women in Business Accelerator program – Promoting supplier diversity and gender-responsive procurement.
The program provides all-rounded support such as training, capacity building, coaching, and business and investment networking, to help businesses understand the demands of their target customer segments, identify their sales competitive advantages, and develop their growth and access-to-finance strategies.
Consequently, some of them have signed contracts and become suppliers of large brands such as JW Marriott Hanoi just after six months of participating in the initiative.
The results were shared at a business matchmaking event that was co-organized on September 27 by the United Nations Entity for Gender Equality (UN Women) and the Women’s Initiative for Startups and Entrepreneurship (WISE).
The event was attended by a large number of women-owned businesses and procurement units in the restaurant, hospitality, and service sectors working mostly in Hanoi. It opens up opportunities for business cooperation, promoting gender-responsive procurement and creating more equal opportunities for female entrepreneurs to enter the market.
Another important highlight of the event was the panel discussion on challenges and solutions to developing sustainable supply chains, where representatives of Central Retail, major hotel & restaurant chains in Vietnam shared their practical experience in implementing supplier diversity and gender-responsive procurement policies.
The event is part of the project “WE RISE Together: Creating equal market opportunities for women through supplier diversity and gender-responsive procurement in Vietnam”, implemented by UN Women and WISE and funded by the Australian Government through the Mekong-Australia Partnership.
| Nguyen Huyen Trang, National Procurement Manager, Marriott International, said at the event held at Aeon Mall Ha Dong in Ha Dong District, Hanoi on September 27 |
Sharing with The Hanoi Times, Nguyen Huyen Trang, National Procurement Manager, Marriott International, said choosing women-led businesses is part of the group’s policies to boost the ratio of local vendors and gender-responsive procurement.
She noted that the group’s transparent policies enable companies regardless of their size, financial status, and business relationship to have equal opportunities to supply their products to Marriott.
Nguyen Ngoc Bich, Co-founder and CEO of Ba Dinh-based ONA Global said that considering the role of women in the company’s business has been consistent over the years since its establishment in 2017. “Gender-responsive procurement has been with us since the beginning and we highlighted the role of women-led firms in every stage of the production, Ngoc Bich told The Hanoi Times.
| Bamboo products produced at a woman-led company. |
According to the Boston Consulting Group (BCG), women currently control approximately $20 trillion in annual consumer spending and are expected to drive 75% of global spending by 2028. This opens up tremendous opportunities for businesses that know how to capitalize on women’s growing consumer spending potential, particularly through supplier diversity and gender-responsive procurement policies.
Enterprises have been increasingly realizing benefits from working with female suppliers, which not only enables them to diversify their supplier network but also increases the sustainability of their supply chain.
In fact, AT&T, a telecommunications firm, recorded an additional $4 billion in revenue in 2014 thanks to its acquisition of female suppliers.
Research also shows that today’s consumers, especially women, are increasingly interested in corporate social responsibility. They are willing to experiment, favor, and stay committed to brands that support women and are led by female leaders.
Women-owned enterprises, especially small and medium-sized ones, face numerous challenges to become part of the supply chain, including a lack of business relationships.
| Straws made from rice by Vinastraws company. |
In response to these challenges and potential opportunities, the Business Matchmaking Session was implemented by UN Women and WISE to enable women-led businesses to access markets more easily.
“Promoting gender-responsive procurement is not only ethically relevant but also brings evident economic benefits. Today’s event is an important development in connecting women-owned businesses with major buyers, helping them grow stronger in the international market,” said Tu Thu Hien, Founder and Director of WISE which is located in Dong Da District, Hanoi.
The event represents good evidence that supplier diversity and gender-responsive procurement is not only a trend but also an essential element for sustainable development. This is a great opportunity for women-owned businesses to affirm their position and contribute to economic and social development.
