The Vietnam-Singapore Friendship Association (VSFA), Vietnam Industry Research and Consulting Joint Stock Company (VIRAC), Hanoi Polytechnic Creative Startup Investment Fund (BK Fund), and the Institute for Innovation and Development Research (IID) have joined forces to launch the “Supporting Program for Innovative Social Enterprises – Social Enterprise Innovation Supporting Program.”
This program aims to create an ecosystem that supports innovative Vietnamese social enterprises in the coming years, amidst the strong digital and transformational economy.
The program officially commenced with the success of the “Social Enterprise Innovation Program 2024 – Promoting Inclusive Development of Social Enterprises” (SEIP 2024), a specialized training program.
SEIP 2024 focuses on enhancing the capacity to apply new technologies, improve production and business organization, develop human resources and enterprise management, foster a startup ecosystem, and boost innovation within the enterprises’ activities.
Additionally, it provides social enterprises, impact enterprises, and social enterprise startups with effective tools to optimize their business operations, sales, and communication strategies.
After a rigorous application and selection process, 17 enterprises were chosen to participate in the intensive training program, held in October 2024.
Speaking at the launch event, Mr. Vu Viet Ngoan, Chairman of the Vietnam-Singapore Friendship Association, shared his vision for the Social Enterprise Innovation Supporting Program as an annual event with the participation and support of Vietnamese and Singaporean organizations and individuals. He emphasized its mission to accompany the development and innovation of social enterprises nationwide.
This event marks the beginning of a promising future, supporting social enterprises in their journey towards creative, sustainable growth, and amplified social impact.
Mr. Jaya Ratnam, the Singaporean Ambassador to Vietnam, highlighted the shared priority and interest of both countries in building an innovation-driven economy. He pointed out that Singapore and Vietnam are among the top three startup ecosystems in Southeast Asia.
With a shared goal of promoting economic growth through technology and innovation, we can leverage each other’s innovative ecosystems to forge partnerships, attract investments, and develop human capital. By focusing on innovation and equipping Vietnamese social enterprises with resources, we can enhance their capacity to address social issues sustainably.
Emphasizing the importance of social enterprises, Assoc. Prof. Truong Thi Nam Thang, a lecturer at the National Economics University and Chief Researcher at IID, highlighted their role in creating social impact. This includes generating equal employment opportunities, meeting basic social needs, enhancing financial accessibility, distributing limited resources fairly, protecting the environment for future generations, and fostering human and community development.
However, she also pointed out the current weaknesses of social enterprises, including limited business skills, challenges in attracting high-quality human resources, weak technological capabilities, difficulties in measuring and reporting social impact, and constrained growth and investment attraction.
Additionally, social enterprises have faced challenges such as the COVID-19 pandemic and its aftermath, the lack of a specialized legal and policy framework, obstacles in accessing financial and technical support, and competition with commercial enterprises on price.
To ensure the sustainable development of social enterprises, Assoc. Prof. Thang emphasized the need for an ecosystem that includes legal recognition, support organizations and intermediaries, impact investment, and backing from donors and large enterprises.
She also suggested dedicated policies for the social enterprise sector, the formation of an association to unite their voices, and the need for supporting organizations to bridge the gaps.
“We can learn from international practices that have benefited social enterprises, such as enacting specific laws for social enterprises, providing tax exemptions, offering capacity-building packages, and encouraging investments in social enterprises,” Assoc. Prof. Thang added.
With the launch of the “Supporting Program for Innovative Social Enterprises,” Vietnamese social enterprises will have a significant boost to enhance their business operations and make a more significant impact.
