VACC hosts a press conference declaring May as Asian Entrepreneurship Celebration Month.

Virginia Asian Chamber of Commerce (VACC) announces plans to kick-off “May is Asian American Entrepreneurship Celebration Month” at a news conference on Wednesday May 2nd, 2012 at 3 pm to be held at the Jefferson Hotel, Dominion Room, 101 West Franklin Street, in Richmond, Virginia, following a seminar which will be held earlier at 1:30 pm at the same venue on “How To Do Business with Virginia Commonwealth University”.

According to U.S Census 2010 data report presented last year at a VACC sponsored news conference on Asian-owned business growth trends in the state, the number of Asian-owned businesses increased at more than twice the national rate between 2002 and 2007. Asian American-owned businesses bring in more than half a trillion dollars in sales in 2007 and employ more than 2.8 million people in the nation.

In Virginia, there are currently 44,575 Asian American-owned firms which hired more than 77,000 employees and generated 13.3 billion dollars in revenue. That was a 71 percent increase from about $7.7 billion in 2002, when there were 30,457 Asian-owned firms in the state. The growth rate in Virginia mirrored a national trend, as the number of Asian-owned firms in the U.S. rose 40 percent to more than 1.5 million from 2002 to 2007. According to Census, that was more than twice the national business growth rate of 18 percent.

According to the U.S. Department of Commerce’s Minority Business Development Agency, one in four minority businesses are owned by an Asian-American. These Asian-American businesses generate more than half of the gross receipts generated by all minority firms in the United States. In addition, more than half of minority firms with employees are Asian-American owned.

Tinh Phan, VACC Chairman stated:

“Asian-owned businesses in Virginia have a very, very large impact for the economy and they continue to be one of the strongest segments of the overall U.S. and the world economy. Our goal here is to showcase the achievements and entrepreneurial spirit of the Asian-American business community in Virginia which can be felt throughout the nation and the world”.

During the news conference, leaders from the private and public sectors as well as elected officials and other supporters and guests have been invited to join in the celebration and witness the historical event.

To honor the occasion, Virginia Asian Chamber of Commerce and the Virginia Asian Foundation, VACC’s educational arm, host series of statewide events focusing on supplier diversity and workforce development. Small businesses looking for contracting opportunities will benefit from educational workshops and networking. Likewise, professionals who want to take their careers to the next level will benefit from the mentoring and leadership development.

The complete events calendar can be found at www.aabac.org

Key contact:

Tinh Phan, Chairman, Tel: (804) 798-3975 – Email: tinh.phan@aabac.org

Leave a Reply