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建设更好的当地商业环境:加快柬埔寨、老挝人民民主共和国、泰国和越南小企业的疫情恢复(英).pdf
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建设更好的当地商业环境:加快柬埔寨、老挝人民民主共和国、泰国和越南小企业的疫情恢复(英).pdf
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ADB BRIEFS
NO. 220
OCTOBER
2022
ISBN 978-92-9269-763-1 (print)
ISBN 978-92-9269-764-8 (electronic)
ISSN 2071-7202 (print)
ISSN 2218-2675 (electronic)
Publication Stock No. BRF220500-2
DOI: http://dx.doi.org/10.22617/BRF220500-2
Building Better Local Business
Environments: Accelerating
Pandemic Recovery of Small Firms
inCambodia, the Lao People’s
Democratic Republic, Thailand,
andViet Nam
KEY POINTS
• Small firms are a basic building
block of the Southeast
Asian economy. Incountries
such as Cambodia, the
Lao People’s Democratic
Republic, Thailand, and Viet
Nam—they provide vital jobs,
income, goods, and services
to communities outside
metropolitan areas.
• These firms face
challengesin reestablishing
their operations post
pandemic—depleted capital,
inflation, digitalization,
indebtedness, and regulatory
uncertainty. In addition,
many of these firms are not
formally organized and most
have low levels of knowledge
about government support.
• Measures to improve small
firms’ participation in the
policy process can help to
ensure their inclusion in the
economic recovery process.
Fostering greater alignment
between the objectives of
public policy and those of
small firms requires greater
attention to the ecosystem
inwhich businesses operate.
• This Asian Development
Bank (ADB) brief discusses
approaches tobetter
integrate elements of
the business ecosystem
forpromoting a flourishing
local economy with
vibrant small firms and
entrepreneurial initiative.
Michael T. Schaper
Adjunct Professor
John Curtin Institute of Public Policy
Curtin University, Australia
Emma R. Allen
Senior Country Economist
Lao PDR Resident Mission
Asian Development Bank
James P. Villafuerte
Senior Economist
Economic Research and Regional
Cooperation Department
Asian Development Bank
SMALL FIRMS ARE THE FOUNDATION
OFLOCALECONOMIES
Local business environments throughout most parts of Southeast Asia are dominated
by micro, small, and medium-sized enterprises (MSMEs). In Southeast Asia, it is
estimated that they account for more than 97% of all enterprises, two-thirds of
employment—including many jobs for women, and 40% of gross domestic product
(GDP).
1
Collectively, they make a larger contribution to the economy than governments
or large firms. They are especially important to the economies of regional, rural,
andremote communities, as well as in supporting progress on the United Nation’s
Agenda 2030 for Sustainable Development.
2
Notes: ADB recognizes “Vietnam” as Viet Nam.
This policy brief was prepared with support from ADB’s technical assistance on Strengthening
Institutions for Localizing Agenda 2030 for Sustainable Development cosponsored by the People’s
Republic of China Poverty Reduction and Regional Cooperation Fund.
1
ADB. 2020. Asia Small and Medium-Sized Enterprise Monitor 2020: Volume 1 – Country andRegional
Reviews. Manila.
2
United Nations. 2015. Transforming Our World: the 2030 Agenda for Sustainable Development. NewYork.
ADB BRIEFS NO. 220
2
Before the onset of the coronavirus disease (COVID-19), MSMEs
faced many external and structural challenges such as uncertain
regulatory environments, high informality, limited policy support,
and lack of access to capital. COVID-19 mobility restrictions badly
affected the operations of these enterprises, particularly those
in retail operations and tourism-related businesses. Supporting
the recovery of MSMEs, and encouraging their further growth,
is essential to strengthening the long-term viability of local
economies.
Local economic growth is an important policy issue for the Greater
Mekong Subregion (GMS)—including Cambodia, the Lao People’s
Democratic Republic (Lao PDR), Thailand, and VietNam. Each
country has a large proportion of its population based in regional
or rural areas, ranging from a current estimate of 76% inCambodia,
66% in the Lao PDR, 63% in Viet Nam, through to49% in
Thailand.
3
There are almost 10 million MSMEs in the GMS
region, with most of these located outside metropolitan areas.
For example, in Thailand only 18.2% of MSMEs are in Bangkok,
withthe remainder based in regional locations.
4
A similar pattern
can be seen in Viet Nam, with only 19.7% found in the two principal
metropolitan regions, Ha Noi and Ho Chi Minh City.
5
The large share of MSMEs outside major cities pose policy
challenges. Their composition is highly heterogeneous,
representing informal traders to small partnerships and through
tomedium-sized corporations, or high-earning boutique firms.
They use different legal structures and ownership patterns and
are found in every industry and profession. A substantial number
exist in the informal economy, where the reach of public policy
andbusiness support services are limited.
This Asian Development Bank (ADB) brief considers how to
rejuvenate the MSME sector in regional and rural economies
within the GMS. To answer this question, the brief spells out
some of the key characteristics of MSMEs, discusses the
3
World Bank. Rural Population (% of total population) - Cambodia, Lao PDR, Vietnam, Thailand (accessed 30 June 2022).
4
Government of Thailand, Office of SME Promotion. 2020. White Paper on SMEs: MSME 2020 New Normal Brings Opportunities. Bangkok.
5
Government of Viet Nam, General Statistics Office. 2018. Results of the 2017 Economic Census. Ha Noi.
6
ADB. 2020. Asia Small and Medium-Sized Enterprise Monitor 2020: Volume 1 – Country and Regional Reviews. Manila (accessed 30 June 2022).
structural challenges they face in their business operations,
examines the impact of COVID-19, and puts forward some
suggestions for future public policy.
MICRO, SMALL, AND MEDIUM-SIZED
ENTERPRISES: THEIR NATURE
ANDNUMBER
What exactly is a small business? There is no one common
definition of what constitutes MSMEs, and every nation within
the GMS uses its own system to count and classify these business
entities (Table1). This variation makes it difficult to measure
and compare the MSME sector across different countries.
Atitsmost basic, itisanindependent business venture trading in
the private sector that is limited in its turnover activities, asset base,
employment size, market share, and the range of products and/or
services it offers.
Despite these varied definitions, there are common attributes that
distinguish these firms from other types of business enterprises.
A core feature is that these ventures are typically started by
individuals or small groups, who usually provide the original
business model, founding capital, and go on to operate the
enterprise. In many cases, these founders are members of the same
family. Many of the founders are women. Today, MSMEs represent
an estimated 97% of all firms in Southeast Asia (Table 2).
MSMEs are widely dispersed across the physical and sectoral
landscape of most countries. Unlike large firms that generally
confine themselves to major population centers, small businesses
can be found providing a range of services and products to rural,
regional, and remote communities that have limited access to
commercial, retail, and professional facilities. In Southeast Asia, an
estimated 72%–85% MSMEs operate in rural areas, with only about
15%–28% found in capital cities.
6
Table 1: Definitions of Micro, Small, and Medium-Sized Enterprises in the Greater Mekong Subregion
Employee Number Assets Turnover Capital Sector Legal Structure
Cambodia X X X
Lao PDR X X X X X
Thailand X X X X
Viet Nam X X X X X
Lao PDR = Lao People’s Democratic Republic.
Note: There is no formal definition of micro, small, and medium-sized enterprises in Cambodia.
Source: ADB. 2020. Asia Small and Medium-Sized Enterprise Monitor 2020: Volume 1 – Country and Regional Reviews. Manila.
Building Better Local Business Environments
3
Table 2: Selected Indicators of Micro, Small, and Medium-Sized Enterprises in Southeast Asia
Country Number ofMSMEs
MSMEs Share
ofAll Firms (%)
Number of
Employed by
MSMEs
Females’ Share
ofTotal Employees
(%)
MSME
Contribution
toGDP (%)
Brunei Darussalam (2017) 5,876 97.2 66,123 31.1 35.5
Cambodia (2014) 512,870 99.8 1,345,100 42.7 …
Indonesia (2018) 64,194,057 99.9 116,978,631 38.7 61.1
Lao PDR (2020) 133,997 99.8 490,373 49.9 …
Malaysia (2015) 907,065 98.5 … … 37.0
Myanmar (2019) 75,116 89.9 … … …
Philippines (2018) 998,342 99.5 5,714,262 38.2 …
Singapore (2019) 271,800 99.5 2,500,000 … 44.7
Thailand (2018) 3,077,822 99.8 13,950,241 45.6 43.0
Viet Nam (2018) 593,629 97.2 5,627,952 46.7 …
… = not available; Lao PDR = Lao People’s Democratic Republic; MSMEs = micro, small, and medium-sized enterprises.
Notes: The “non-state sector” of Viet Nam includes (i) registered enterprises (large, medium, small, and micro), (ii) registered household businesses,
(iii)registered cooperatives, and (iv) the informal sector. The data reported in the table do not include household businesses or the informal sector.
Source: ADB. 2020. Asia Small and Medium-Sized Enterprise Monitor 2020: Volume 1 – Country and Regional Reviews. Manila (accessed 30 June 2022); Government
of the Lao PDR, Lao Statistics Bureau. 2020. Economic Census. Vientiane.
SMALL FIRMS ARE IMPORTANT—
AND DIFFERENT
A central feature of MSMEs is their heterogeneity. They can vary
in terms of the number and type of workers. These range from
informal self-employment for women working in their homes,
or professionals working in skilled trades, through to micro-
sized ventures, and to small and medium-sized enterprises
withsophisticated operating processes overseen by professional
managers.
They can also vary significantly in terms of their legal basis.
MSMEs may take the form of sole proprietorships, partnerships,
limited liability companies, and more complex corporate
structures. Many others are informal and without any underlying
legal structure.
MSMEs occupy almost every business niche. They can be
found in every industry and business sector. While economies
of scale may prevent large firms from successfully exploiting
small or marginal economic activities, the greater flexibility and
nimbleness of small firms, coupled with their minute scale and
low overhead costs, allow them to survive even in situations
oflow profitability.
7
International Labour Organization. 2019. Small Businesses and Self-Employed Provide Most Jobs Worldwide and in Asia. Geneva.
8
ADB. 2021. The Greater Mekong Subregion 2030 and Beyond: Integration, Upgrading, Cities, and Connectivity. Manila.
Small firms are major employers (employing themselves, their
families, and staff) and contribute significantly to GDP. In
Southeast Asia, over two-thirds of the labor force are employed
by MSMEs. Interestingly, the employment share of MSMEs in
total employment tends to decrease as a country’s income level
rises. Inhigh-income countries, only 58% of total employment
is found in self-employment and small firms, while in low- and
middle-income countries the proportion is considerably higher.
In economies with the lowest income levels, this figure comes
closeto 99%.
7
Less obvious, but just as important, are the intangible benefits
MSMEs provide to local economies. Small firms are often at
the forefront of entrepreneurial activity, engaged in a constant
process of innovation, change, and efficiency improvements,
which helps economies grow and adapt. Start-up MSMEs,
in particular, are a source of product and service innovation,
often incubating new concepts that larger established firms are
reluctant to adopt. Theycan provide a source of competitive
tension to traditional large businesses, generating options that
gives consumers morechoice. At the same time, the relationship
isnotnecessarilyone way: smaller firms are often important
suppliers within regional or global value chains, providing many
ofthe niche products and services on which larger firms depend.
8
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