Ha Noi, 11 December 2024 – Social impact businesses (SIBs), government agencies, intermediaries, pioneer enterprises, and investors convened at SIB Connect 2024, the high-level policy dialogue and the annual festival of the SIB ecosystem, to mark the conclusion of the Project “Leveraging Viet Nam’s Social Impact Business Ecosystem in Response to COVID-19” (ISEE-COVID) and chart a strategic course for the ecosystem’s future.

With approximately 26,000 SIBs as of 2021 - accounting for 3% of Viet Nam’s total enterprises and cooperatives – the sector has demonstrated significant potential for addressing social and environmental challenges. However, the COVID-19 pandemic severely impacted the revenue and outreach of SIBs, especially affecting vulnerable groups such as women, ethnic minorities, and people with disabilities.

In response, the ISEE-COVID Project, funded by Global Affairs Canada and jointly implemented by the United Nations Development Programme (UNDP) and the Agency of Enterprise Development (AED) under the Ministry of Planning and Investment, provided crucial support to enable the SIB ecosystem to recover, expand, and strengthen collaborations for a sustainable future.

Over the past three years, the ISEE-COVID project has achieved remarkable outcomes:
●    Supported over 400 SIBs across different development stages, with 60% being women-led enterprises.
●    Created nearly 15,000 jobs for vulnerable groups, including women, ethnic minorities, and people with disabilities
●    Facilitated market expansion for 68 SIBs, both domestically and internationally.
●    Supported five outstanding SIBs to mobilize over 25.5 billion VND in funding to scale their operations.
●    Built a nationwide network of SIB-led clubs with over 500 members, fostering knowledge sharing and partnerships.

The project has also strengthened the ecosystem’s infrastructure by training 55 coaches and building a network of local experts to support SIBs in hard-to-reach provinces like Cao Bang, Thua Thien Hue, and Tra Vinh. Additionally, the capacity of 87 intermediary organizations was enhanced, enabling them to develop tailored support programs and connect with international SIB ecosystems in Canada, Korea, the Philippines, and Malaysia.

To provide policy backing, the first White Book on SIBs and related policy research officially recognized SIBs, improving their access to government support. Over 300 government officials were trained to better support SIBs, while policy experiments in sustainable tourism in Thua Thien Hue and Cao Bang showcased promising results for local ecosystem development.

UNDP Resident Representative in Viet Nam, Ramla Khalidi, highlighted the transformative impact of the project: "From the initial idea of supporting businesses weather the impact of COVID19, the project has transformed a loose network of socially-minded businesses to a well-established ecosystem. The project’s achievements go beyond numbers—they represent livelihoods restored, communities empowered, and environmental challenges addressed. These achievements embody what social impact businesses stand for: a commitment to profit with purpose.”

Mr. Bui Anh Tuan, Director, Agency for Enterprise Development, Ministry of Planning and Investment, emphasized the importance of the SIB ecosystem: “In Viet Nam’s efforts to achieving sustainable development goals, social impact businesses (SIBs) play a crucial role. They contribute to driving economic growth and creating positive social and environmental impact by creating jobs and providing essential services to vulnerable groups. The ISEE-COVID project has made substantial progress in achieving its objectives in supporting SIB capacity improvement, coordinating SIB intermediaries, and strengthening government policy-making capacities.”

Highlights of SIB Connect 2024 included in-depth policy dialogues, networking opportunities, advisory consultations, and an exhibition of high-quality SIB products, all of which showcased the dynamic and diverse potential of the ecosystem.
As the ISEE-COVID project concludes, its legacy continues to shape a flourishing and resilient SIB ecosystem in Viet Nam, propelling stakeholders toward a green and sustainable future where no one is left behind.

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About the ISEE-COVID project
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 Agency of Enterprise Development (AED), 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.
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Media contact:
Nguyen Thu Thao, ISEE-COVID Project Communication Consultant, Email: nguyen.thu.thao@undp.org
Nguyen Hoai Thanh, ISEE-COVID Project Focal point personnel, Enterprise Development Agency, Ministry of Planning and Investment, Email: nguyenhoaithanh9831@gmail.com
For more information, please contact:
Email: iseecovid.vn@undp.org / iseecovid.aed@gmail.com
Website: https://iseecovid.vn/