Businesswomen and President Truong Tan Sang at a meeting. The country's law system lacks regulations that support companies managed by women. — VNA/VNS Photo Nguyen Khang

HA NOI (Biz Hub) — Vietnamese law system lacks regulations that support companies managed by women, Le Quang Canh of the National Economic University said at a conference in Ha Noi on March 3.

About 25 per cent of Vietnamese firms are managed by women. These firms create about a million jobs and contribute VND33 trillion (US$1.47 billion) to the State budget every year, according to Canh.

However, no regulations detail the rights of these companies, he said.

"Many companies don't know how they are supported by laws and other regulated provisions," Canh said.

Based on gender equality laws and gender equality strategies for 2011 to 2020, Canh proposed to the government to include regulations that provisions on women-run businesses be added to the draft law that supports small-and medium-sized enterprises.

In addition, the Government should help these businesses access credit loans and provide them information, he said.

Representatives from Frontier Law and Advisory firm Marika Vilisaar said companies managed by women in Viet Nam face many financial obstacles, such as a lack of transaction information, a lack of collateral and high transaction costs.

Also, Marika revealed that these companies also face non-financials obstacles from the cultural and legal environments.

It's more difficult for women entrepreneurs to build and maintain networks than for businessmen, because they face cultural barriers. Many Vietnamese still believe women should spend their time raising children, not working, according to Marika.

To solve this problem, she recommended that Vietnamese related agencies organise courses to improve women's business management skills.

At the conference, many delegates agreed on the need to establish an association to support and protect the rights of companies managed by women.

Nguyen Hong nh of the Foreign Trade University said the association must build a network through which businesswomen can share their experiences and knowledge.

The association also needs to help businesses connect more easily with state agencies, she said.

Trinh Thi Gioi, deputy chairwoman of the Women's Business Association in Thanh Hia Province, said the association needs to keep women up to date on the latest policies and implement new ones.

Gioi also suggested that the Government create preferential tax policies for businesses managed by women and honour successful women entrepreneurs. — VNS.