Defined as those born between 1980 and 2000, millennials, or Generation Y, account for 32 per cent of the world’s population and 35 per cent of Vietnam’s. Research by Kantar Worldpanel found they have better education and careers and higher self-employment rates. Another survey also found that salary is not the most important factor for millennials, and they are instead more concerned about the work-life balance.

   With a spirit of YOLO (you only live one), millennials are seen as a generation of hope for the future. They live in a different way and at the same time have different values and look forward to receiving and contributing to the common development of society and the country. A report from Deloitte that surveyed 8,000 millennials across 30 countries shows that in emerging markets Generation Y not only take the lead in business creation but also in reshaping entrenched trends in entrepreneurship. 

   In Vietnam, millennial entrepreneurs now have better vision and they play an important role in economic development. They dare to think, develop and implement new ideas and apply new technology. “This generation will eventually take over the country’s economy, in 10-15 years, and the private sector is certainly the leading force in taking the economy forward,” Mr. Tran Duc Canh, member of the National Education and Workforce Development Board, told VET. “I have great hope for millennials and believe they will put Vietnamese business on the world stage.”
Our Cover Story this month spotlights millennial entrepreneurs in Vietnam. Through opening their own startups or taking over the family businesses, millennial entrepreneurs have ambitious plans and a desire to make their dreams come true. Some are limited in terms of capital, technology, human resources, management and marketing skills, but all have opportunities from Industry 4.0. 

   Our Biz Guests this month, Mr. Phung Anh Tuan, CEO of the F88 Business JSC, and Mr. Nguyen Manh Dung, President of Luxstay, are both typical of successful millennial entrepreneurs.

   On Vietnamese Entrepreneur’s Day (October 13), I would like to wish all entrepreneurs the very best of success in business and in creating a strong Vietnamese business community.