The Asia-Pacific Small Business Survey 2022-2023 from CPA Australia shows that Vietnam had the most number of small businesses reporting growth in 2022.

CPA Australia is one of the world’s largest professional accounting bodies, with more than 170,000 members in over 100 countries and territories.

This is its 14th annual report on small business issues and sentiment across eleven economies in Asia-Pacific.

The survey shows that small businesses in Vietnam have recovered quickly after Covid-19 and topped surveyed markets in terms of growth.

Growth is expected to continue, with 83 per cent of Vietnamese respondents saying local businesses have many opportunities for further development.

Nine out of ten small enterprises in Vietnam expect national economic growth in 2023.

Covid-19 caused major damage for many businesses in Vietnam but small enterprises have recovered rapidly. Around 32 per cent of respondent small enterprises said the pandemic had a negative impact on their business activities in 2022, against 78 per cent regarding 2021.

According to CPA Australia’s assessment, Vietnam is a booming economy and has received major attention and investment from foreign investors. The country’s small businesses have recorded strong growth during digital transformation and the application of technology over the past three years.