Around 100 large household businesses in the country are contributing to a quarter of the country’s gross domestic product (GDP), the Viet Nam Chamber of Commerce and Industry (VCCI) said.

A large section of the private sector comprises family businesses, and their contribution demonstrates their pioneering role in boosting the post-crisis economic recovery, and nurtures the entrepreneurial spirit, playing an important role in the development of Viet Nam’s economy, Vu Tien Loc, chairman of VCCI, told the Voice of Viet Nam (VOV) online newspaper.

Speaking at a meeting on “The Professionalisation of Household Businesses” on Saturday, Loc said "family-owned enterprises are an important component that promotes the development of the private sector, helping form private economic groups that lead in many sectors and make a valuable contribution to the nation’s GDP".

“The advantage of Vietnamese household businesses is the trustworthiness and intimacy between family members, but it poses the challenge of balancing this relationship with the principles of corporate governance,” Loc said.

In order to become even more successful, household businesses must work to change their mindsets, improve corporate governance and focus on strengthening human resources management.

Growing into some of the world’s largest and most reputable corporations is an important task for both the economy and the household businesses. To achieve it, there must be professional solutions to enhance the competitiveness of these types of businesses, Loc said. — VNS