HA NOI (VNS)— Private enterprises in Viet Nam can receive financial support of up to US$800,000 from the British Government for innovative and sustainable business.
The $11 million Viet Nam Business Challenge Fund (VBCF), launched in Ha Noi yesterday, is designed to enable private companies develop business models that help low-income populations through job creation, income improvement and access to affordable goods and services.
The fund has been built on the success of the recently completed Viet Nam Challenge Fund (2009–12), co-funded by Britain and the Asian Development Bank (ADB) – and managed by the ADB.
"The launch of this second and much larger challenge fund in Viet Nam demonstrates our confidence in this approach," said Fiona Lappin, head of the UK's Department for International Development in Viet Nam.
"We learnt from the impressive impact of our first venture that the creativity and capacity for innovation of the private sector in this country is abundant," she said, adding that the second fund could help catalyse the ambition of the private sector into tangible business projects as well as provide jobs and better incomes for the poor.
The VBCF, managed by the SNV Netherlands Development Organisation, will provide business mentoring support and award non-reimbursable funding to selected proposals through a competitive process.
It focuses on areas identified as key to the continuous development of Viet Nam – agriculture, low-carbon growth, infrastructure and basic services. — VNS