Our funders Business opportunities, community benefits Combining entrepreneurial energy and social impact, the Vietnam Business Challenge Fund (VBCF) is connecting UK development funding to building inclusive businesses in Vietnam. Created and funded by the United Kingdom Department for International Development (DFID) and managed by SNV, the VBCF is providing vital funding and training for businesses that aim to combine commercial and social benefits – incorporating lowincome populations in their business models to create jobs, increase incomes and improve access to basic goods and services. “This Challenge Fund can help catalyse the ambition of the private sector into tangible business projects. At the same time, it aims to bring jobs and better incomes for the poor.” Fiona Louise Lappin, Head of DFID Vietnam The original Vietnam Challenge Fund ran from 2009 until 2012 and was such a success that the £7 million VBCF was established for 2013. As result of an international competitive commercial tender, SNV was selected as the fund manager until the end of 2015 – the first time the management of such a fund has gone to a non-profit organisation. “The launch of this second and much larger Challenge Fund in Vietnam demonstrates our confidence in this approach,” says head of DFID Vietnam, Fiona Louise Lappin. “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.” Connecting DFID’s international backing to local capacity, SNV is partnering with the Vietnam Chamber of Commerce and Industry, the Vietnam Business Council for Sustainable Development and the Spark Center for Social 36 CONNECT #2 JULY 2013 Entrepreneurship Development to implement the VBCF. “The fund is completely focused on identifying and supporting private sector initiatives in Vietnam,” explains team leader of the VBCF for SNV Vietnam, Javier Ayala. “It is just for private companies – not NGOs – and, essentially, we are looking to help companies in two ways: firstly, through non-reimbursable funding; secondly, by providing technical assistance in training and mentoring. Many companies have an idea or product, but lack the capacities to run an inclusive business model.” The level of support on offer ranges from $100,000 to $800,000 per company, with the fund focused on companies operating in three areas: agriculture, low-carbon growth, and basic services (infrastructure). “We are looking for innovative, inclusive and commercially viable companies, with business models that demonstrate commercial benefits for the company as well as social benefits for the people,” adds Javier. With 150 companies applying for the first round of funding and a second call for applications now open, the Vietnam Business Challenge fund is already well on its way to building a new wave of socially inclusive businesses in one of Asia’s most dynamic economies. • For more information on the Vietnam Business Challenge Fund, visit http://www.vbcf.org.vn. Pagina 35
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