Ring the Bell for Gender Equality - “Invest in Women: Accelerate Progress”

• Mr. Nguyen Quang Vinh, Vice President, Viet Nam Chamber of Commerce and Industry  (VCCI)
• Mr. Nguyen Anh Phong, General Director, Hanoi Stock Exchange (HNX)
• Ms. Cherie Russell, Acting Deputy Head of Mission, Australian Embassy in Vietnam
• Leaders of the city
• Chief Executive Officers 
• Distinguished guests

It is an honor to join you this morning to “Ring the bell for Gender Equality” here at the Hanoi Stock Exchange. Stock exchanges around the world celebrate International Women’s Day by highlighting the pivotal role of the private sector, especially the capital markets in advancing gender equality. 

This year’s international women’s day will be celebrated with mixed emotions. While we celebrate the progress women have made across the globe, we are also pained by the regression caused by wars, climate disasters and persisting discrimination against women. When Member States gathered in September 2023 at the SDG Summit, there was one clear message: the Sustainable Development Goals are off track and require a rescue plan. At the current pace of progress, we will require 140 years to achieve equal representation in leadership in the workplace.

So it is befitting that the theme for this year’s IWD is, Invest in women: accelerate progress. Investment in women’s empowerment and gender equality is a powerful catalyst for accelerating business development, innovation and entrepreneurship, as well as diversifying consumer markets and creating inclusive societies. 

In today’s event, we have leaders who are making conscious decisions to invest in women and in gender equality through applying UN Women’s Women Empowerment Principles. I applaud the 181 companies that have signed up to the Women’s Empowerment Principles in Vietnam. We have seen a steady increase of new WEPs signatories among listed and security companies. To name a few: PNJ, BRG, Safoco, Viet Thang Garment, Garment no.10, Dien Quang Lamp, PAN Group, TH Group, BIDV, VPS Securities, Alphanam and Vietnam Airlines. I also congratulate the WEP awardees in 2020 to 2022: PNJ, BRG, PAN Group, TH Group, Garment no.10, VPS Securities. 

You inspire our dreams of a world where women and men equally thrive.

While we celebrate this growth in private sector engagements, we ring the bell to call attention to 4 concerns:

First, women are still paid less than men for the same work. In Vietnam women are paid 77% of what men are paid for the same work. 

Second, few women are participating in decision making. 53% of companies listed on the Stock Exchange have at least one women on the board; 31% of listed companies only have one woman on the board and only 2% companies have an equal number of women and men on the board. 

Third, women spend twice as many hours as men on unpaid care work.

Fourth, while women’s owned business account for 20% of the total number of enterprises.  Only 0.4% of women-owned enterprises are listed on the Hanoi and HCMC Stock Exchange.

How can we do better to address these four concerns?

We hope to be inspired by and learn from our keynote speakers and panelists in today’s event. 

I thank Viet Nam Chamber of Commerce and Industry, Viet Nam Women Entrepreneur Council, Hanoi Stock Exchange, IFC, DFAT and UN Women for organizing this event. I also appreciate everyone’s participation – as only through collaboration can we amplify our impact and accelerate progress for women. 

Xin Cảm Ơn.