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Tuesday, October 4 2022
Tiếng Việt
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Date 27/07/2022-10:16:00 AM
The most innovative social impacted businesses get coaching service and seed funding
(MPI) - The Agency of Enterprise Development (AED), under the Ministry of Planning and Investment (MPI) collaborated with the Global Affairs Canada (GAC) and the UN Development Programme (UNDP) to announce social impacted businesses get coaching the Social Impact Businesses of the COVID-19 Adaptation Programme 2022 on July 26.
Photo: MPI

Despite a vibrant and diverse ecosystem for Social Impact Businesses (SIBs), Vietnamese SIBs are facing multiple challenges to balance between making profits and creating social impacts in developing the sustainable business models. The challenges have further increased due to COVID-19.

In April 2022, the “Leveraging Viet Nam’s Social Impact Business Ecosystem in Response to COVID-19”- ISEE-COVID project launched the COVID-19 Adaptation Programme to support SIBs in the agriculture and tourism industries, focusing on the SIBs led by women and vulnerable groups.

Over 150 SIBs submitted their Expression of Interest, and as a result, 29 SIBs from across Viet Nam were selected to receive a six-month 1:1 coaching service and VND 100 million as seed funding to identify, build and test prototypes or new business models. Of them, 20/29 SIBs are led by women, 4/29 by persons with disabilities.

AED General Director Le Manh Hung at the event. Photo: MPI

Addressing the event, General Director of MPI’s AED Le Manh Hung shared that in the implementation of sustainable development goals, SIBs are essential component not only in making a contribution to the economic development but also in creating positive impacts on the society and environment via creating jobs and providing products and services for disadvantaged groups in society.

Closely following the guidelines and policies of the Government and the Prime Minister, the COVID-19 Adaptation Program is such a meaningful, necessary, and comprehensive support both financially and technically in order to help SIBs overcome challenges of the COVID-19 epidemic and to restore production post pandemic.

In the upcoming months, the selected SIBs will receive financial support and participate in the 1:1 coaching program with three incubators to solve specific problems in management, business, and product development, thereby contributing to the improvement of SIB's capacity to recover and further develop.

Head of Cooperation, Embassy of Canada to Viet Nam Brian Allemekinders. Photo: MPI

“The selected SIBs of the COVID-19 Adaptation Programme have inspiring stories and effective business solutions to convince the Board of Judge. We hope that this flagship support will provide them with necessary support to experiment and implement innovative ideas that benefit a wider population, especially vulnerable groups”, said Head of Cooperation, Embassy of Canada to Viet Nam Brian Allemekinders.

UNDP Resident Representative in Viet Nam Caitlin Wiesen was delighted to see such a diversity of ideas from women-led businesses, ranging from the high-quality made-in-Viet Nam products to new innovative ideas such as using larva to turn leftover foods into organic fertilizer, and a new rice cultivation method that saves costs, circulates nutrients and reduces greenhouse gas.

UNDP Resident Representative in Viet Nam Caitlin Wiesen. Photo: MPI

With the re-opening of Vietnamese tourism, she hoped that creative models such as “dining in the dark”, innovative community tourism and the application of reducing waste in the tourism sector will grow quickly. The ISEE-COVID project is building a critically important ecosystem for such social impact businesses to succeed and scale.

Three inspiring incubators - BizCare, Wise, and Angle4Us - will be working closely with the selected SIBs in the next six months to (i) identify critical challenges faced by the SIBs due to Covid-19; (ii) design new business models or develop new products/ services to adapt to the pandemic; and (iii) build and test prototypes of products/services with the seed funds. It is expected that the new products and business models are sustainable, scalable, and relevant to adapt to the challenges of COVID-19 and the selected SIBs will become key stakeholders to foster the Social impacted business ecosystem in Vietnam.

The project “Leveraging Viet Nam’s Social Impact Business Ecosystem in Response to COVID-19” (ISEE COVID project), with sponsorship from GAC, is co-implemented by UNDP and AED, under the MPI. The project aims to enhance the resilience of social impact businesses (SIBs) in Viet Nam and contribute to reducing the impact of COVID-19 on vulnerable groups, especially women and girls.

The ISEE COVID project has two primary objectives: (i) improving the effectiveness of SIBs, especially those led by women and vulnerable groups, to address the social and gendered impacts of COVID-19 and accelerate the achievement of the SDGs; and (ii) strengthening the regulatory environment for SIBs to be more gender-responsive, inclusive and transparent, thereby supporting the resilience of SIBs to COVID-19 impact, with a particular focus on SIBs that are led by women and other vulnerable groups.

Bao Linh
Ministry of Planning and Investment

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