(MPI) - Deputy Minister of Planning and Investment Tran Duy Dong said that the “COVID-19 recovery program 2023” has contributed to enhancing the capacity of social impact businesses (SIBs) and the socio-economic development, solving social and environmental problems and accelerating Vietnam’s sustainable development progress, while attending the exhibition and press conference of announcement of 30 SIBs participating in the program in Hanoi on August 3.

Deputy Minister of Planning and Investment Tran Duy Dong speaks at the conference. Photo: MPI

Deputy Minister Dong noted with pleasure that the Ministry of Planning and Investment (MPI) in collaboration with the Embassy of Canada in Vietnam and the UN Development Programme (UNDP) have jointly launched the  “Leveraging Viet Nam’s Social Impact Business Ecosystem in Response to COVID-19” (ISEE-COVID).

In June, the ISEE-COVID project launched the “2023 COVID-19 Recovery Program” to offer technical and financial support for SIBs with commercially viable models and the potential for significant impact in agriculture, tourism, education, and healthcare. The program has garnered interest from 239 SIBs. Following a thorough screening and pitching process, 30 outstanding SIBs from various regions in Viet Nam were chosen to participate in the Program.

In 2022, 31 SIBs in agriculture and tourism received this package, and all of them achieved encouraging results. These SIBs have developed business plans that incorporate sustainable development elements such as environmental protection, combating climate change, and social security.

Especially, after receiving the support package, 100% of the SIBs were able to successfully develop new products or services, maintain, or increase their revenue, with some experiencing a remarkable peak increase of 19 times in revenue compared to that of 2021. Two SIBs managed to raise a total of 18 billion VND, and at least three SIBs officially exported their products overseas.

In 2023, thirty SIBs in health care, education, agriculture and tourism will receive a tailored six-month, one-on-one coaching service along with 100 million VND as seed funding. This support aims to empower the SIBs to transform their business models and innovate their products, enabling them to navigate the aftermath of COVID-19, and actively engage within the thriving SIB ecosystem.

Canadian Ambassador to Vietnam Shawn Steil said SIBs’ dedicated efforts play a vital role in addressing social and environmental gaps, making a positive difference in Vietnam. The SIB sector has demonstrated remarkable resilience, generating employment opportunities for vulnerable and marginalized communities, fostering the development of eco-friendly products, adding value to authentic goods, and enhancing resilience against climate change, among numerous other endeavors that have gained global recognition.

He said each of these efforts serves as an inspiration, and expressed his belief that SIBs would become successful agents of change, not just for themselves but for their communities and country.

Canada is committed to assisting Vietnam continue on its path towards inclusive and sustainable growth while achieving the Sustainable Development Goals (SGDs) and participating in the global poverty reduction efforts and equal access to justice for all.

UNDP Resident Representative in Viet Nam Ramla Khalidi congratulated the SIB finalists and expressed her hope that they would take full advantage of the acceleration program to develop and refine their products and services. “We believe that this timely program will provide the essential technical and financial support to help you identify economic recovery and future growth solutions,” she said.

At the conference. Photo: MPI

This year’s “COVID-19 Recovery Program” builds upon the success of the 2022 Program, which provided support to 31 SIBs in agriculture and tourism from 16 provinces across the country. As a result, 100% of the SIBs were able to successfully develop new products or services, maintain, or increase their revenue, with some experiencing a remarkable peak increase of 19 times in revenue compared to that of 2021. The SIBs generated more job opportunities, particularly for women and vulnerable groups. During the 6-month program, two SIBs managed to raise a total of 18 billion Vietnamese Dong, and at least three SIBs officially exported their products overseas, further enhancing their growth and impact.

The project “Leveraging Viet Nam’s Social Impact Business Ecosystem in Response to COVID-19” (ISEE COVID project), sponsored by Global Affairs Canada, is co-implemented by UNDP and the Ministry of Planning and Investment. The project aims to enhance the resilience of social impact businesses (SIBs) in Viet Nam and contribute to mitigating the impact of COVID-19 on vulnerable groups, with a particular focus on 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