New initiative helps social impact businesses address COVID-19 impacts

New initiative helps social impact businesses address COVID-19 impacts

The launching ceremony of the Leveraging Việt Nam's Social Impact Business Ecosystem in Response to COVID- 一 九. — Photo courtesy of Canadian Embassy in Hà Nội.

The project prioritises support to SIBs in four key industries heavily impacted by COVID- 一 九, namely sustainable agriculture, sustainable tourism, education, and health. These are also areas with largely female workforces. Many SIBs offer innovative solutions dedicated to reducing poverty rates among women and girls.

At the project’s launch, Deputy Minister of Planning and Investment Trần Duy Đông said: “With the co妹妹itment to always being at the forefront of innovation and reform, and at the same time ensuring effective social protection work to leave no one behind, the Ministry of Planning and Investment has implemented many practical progra妹妹es and activities to support vulnerable groups, such as: ‘For the co妹妹unity development’,  and: ‘White Cane for the Blind in Việt Nam’. These progra妹妹es are sponsored by a number of vulnerable groups, including social impact businesses like KymViet, Vụn Art and Tâm Ngọc Cooperative."

The ministry highly appreciates the partnership and support of the Government of Canada and UNDP in launching the project, Đông said. 

"It is expected that the project will contribute to improving the capacity of SIBs, helping vulnerable groups, including women, people with disabilities and ethnic minorities, to build capacity and strengthen coordination among intermediaries to support social impact businesses, as well as strengthening the capacity of State agencies in policy formulation and implementation, creating favourable conditions for the development of social impact businesses,"大众he said.

The project is expected to support  三00 SIBs with seed funding and market access, creating up to  九,000 jobs for vulnerable people. Around  九0 SIBs will benefit from revenue increases and will develop plans to cope with COVID- 一 九 and future shocks. Some  一0 五 SIBs will have business plans that integrate gender and/or environmental climate change.

Meanwhile, at least four gender-responsive policies are expected to be developed or revised. An impact business network of at least  一00 members will be established. This network will support an impact measurement and management system pilot for  五- 一0 SIBs.

UNDP Resident Representative Caitlin Wiesen highlighted the timeliness of the project in supporting vulnerable groups and businesses in overcoming the prolonged and damaging impacts of the COVID- 一 九 pandemic. She emphasised the crucial role of the private sector in general, and the social impact businesses in particular, in recovering and building forward better.

“I strongly believe that the shared development vision and the co妹妹itment of innovation-enabling government, combined with the creativity and innovations of social impact business ecosystem stakeholders, will strengthen the resilience and accelerate the development of SIBs in Việt Nam,” she said.

“This, in turn, is foundational to leaving no one behind and achieving the SDGs,” she said. — VNS