Connecting SIBs and Pioneering Enterprises in Vietnam

Vietnam’s challenge: Balancing rapid economic growth with environmental protection, climate action, and inclusive development.

HO CHI MINH, VIETNAM, September 6, 2024 /EINPresswire.com/ — Vietnam is facing development challenges, economic growth goes hand in hand with environmental protection, responding to climate change, and leaving no one behind. Efforts are being made towards implementing the United Nations Sustainable Development Goals (SDGs) that have been included in the action plans of the government, businesses, universities, research units, etc… and in the actions of each citizen.

In Vietnam, the ecosystem of Social Impact Business (SIB) is estimated to have more than 26,000 SIBs, accounting for more than 3% of the total number of businesses in the country.

Although the number is modest, because of the characteristics of the business model of SIBs, they aim for dual goals: profitable business and clear social impact goals such as adapting to climate change, supporting vulnerable groups or promoting gender equality.

SIBs are creating a wave that is changing many aspects of life and the business philosophy of traditional enterprises. More and more enterprises want to put positive impacts on society and the environment into their core business model in addition to economic benefits. SIBs have become a key driving force to help the private sector fully exploit its potential, contributing to helping Vietnam achieve sustainable development goals.

However, in this journey, SIBs still face many challenges, one of which is how to promote cooperation and effectively utilize resources from large enterprises. In order to successfully receive the “handshake” of cooperation from large enterprises, what requirements must SIBs prepare to meet? How to build internal strength? How to approach and convince large enterprises?

When faced with the opportunity to cooperate with pioneering enterprises in the network of large enterprises, each SIB must build a suitable development direction to attract resources to itself. Therefore, “SIBs x Pioneering Enterprises: The Innovative Business Matching” was established to support social impact business organizations (SIBs) to grow, expand markets and innovate products/services through promoting cooperation with Pioneering Enterprises. Thereby, creating more positive and sustainable impacts on society and the environment, towards sustainable development in Vietnam.

The program is an activity within the framework of the Project “Supporting the ecosystem of impact-creating enterprises in Vietnam to respond to COVID-19” (ISEE-COVID Project), funded by the Department of Global Affairs Canada (GAC) and co-implemented by the United Nations Development Program (UNDP) and the Agency for Enterprise Development (AED) – Ministry of Planning and Investment, with BSSC as the implementing partner.

Taking place within the framework of the Southeast Asia’s Leading Innovation Forum and Exhibition – InnoEx 2024, the program launch ceremony called SIB FORUM brings valuable lessons, insights and open discussions between experienced experts to help solve this problem.

Ms. Do Le Thu Ngoc said: “From 2020 to now, the SIB ecosystem has gradually increased in both quantity and quality of units, becoming more dynamic and connected. Behind the development of SIBs are the contributions of many typical units, especially the ISEE – COVID project. Over the past, the ISEE-COVID project has enhanced capacity for sustainable business development, market expansion and financial access for SIBs in the early, development and expansion stages. More than 438 SIBs have benefited, helping to create 14,500 jobs, mostly for women and vulnerable groups. Improving the ecosystem of intermediary organizations supporting SIBs – creating an open and dynamic ecosystem, ready to participate and cooperate. However, we also realize that SIBs do not have strong connections with Pioneer Enterprises, so in 2024 we hope to strengthen the connection between Pioneer Enterprises and SIBs so that Pioneer Enterprises can lead SIB Enterprises. At the same time, we want to build an ecosystem of deep and close connections between the parties to jointly develop plans and directions for SIBs and the Pioneer Enterprise sector.”

Ms. Nguyen Hoai Chau shared, “How to bring Canada’s strengths in terms of experts, technology, and management methods to Vietnamese enterprises so that together we can find new technologies, new management methods, and new markets. This is one of many activities of Canada in supporting the ecosystem of enterprises that have the mission of solving both social and profit problems. Currently, large enterprises are also moving towards green development. We all have the same mindset, so large enterprises should join hands to solve social problems in the spirit of mutual benefit. Currently, there are many channels for large enterprises and SIB enterprises to join hands such as supplementing links in supply chains, participating in cross-selling, purchasing each other’s products, helping each other solve social problems in a green and sustainable way.”

Ms. Bui Thi Thanh Tu presented the initiative on “Program to promote connection and cooperation between SIBs and Pioneer Enterprises” with the goal of focusing on supporting and connecting 2 subjects: SIB Enterprises and Pioneer Enterprises. The program has a 3-month roadmap, large enterprises will present challenges related to sustainable development that enterprises are facing and request initiatives to solve the problems from SIB enterprises. Pioneer enterprises will accompany SIB enterprises throughout the process through mentoring to provide orientation, information, resources, etc. In addition, SIB enterprises also receive advice from independent mentors and participate in training programs to improve their capacity to develop products, technology and expand markets. The output of the program is innovative initiatives of SIB Enterprises to help large enterprises solve social and environmental challenges. The program’s Demo Day is scheduled to take place in December 2024 to announce the results of cooperation between SIB Enterprises and Pioneer Enterprises.”

The speakers also shared valuable perspectives and practical business stories at the event. Mr. Mai Thanh Thai, Co-Founder of Food Map, shared his experience in cooperating with Agricultural Enterprises to increase the value of Vietnamese agricultural products. Mr. Huynh Hanh Phuc, Founder & CEO of Green Connect, shared insightful information about how SIBs create “Shared Value” with Pioneer Enterprises to win together.

SIB FORUM also featured speakers Ms. Nguyen Thi Ngoc Bich – Co Founder of Co Cay Hoa La, Mr. Bui Tien Dung – Co-Founder & COO BenKon and Mr. Mai Chinh Ky – Public Affairs, Communications and Sustainability Director, Coca-Cola Beverages Vietnam in two discussion sessions: “What is the key to opening the door to internal strength for SIB enterprises? and “Decoding the “handshake” between SIB enterprises and pioneer enterprises”.

Following SIB FORUM, the “SIBs x Pioneering Enterprises: The Innovative Business Matching” will be implemented from September to December 2024, with activities such as training, 1on1 mentoring with industry experts, and in-depth consulting with Pioneer Enterprises. It is expected to successfully connect at least 6 SIBs and 6 Pioneer Enterprises, aiming for ‘win-win’ cooperation between these two groups of enterprises.

Phoenix Nguyen
InnoEx Co., LTD
938595125 ext.
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