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On December 12, in Hanoi, the United Nations Development Programme (UNDP), the Ministry of Planning and Investment, and the Canadian Embassy in Vietnam collaborated to organize the Social Impact Business (SIB) Connect 2023 as part of the project "Leveraging Vietnam's Social Impact Business Ecosystem in Response to COVID-19" (ISEE-COVID project).
SIB Connect 2023 serves as the annual gathering of the SIB ecosystem to share innovations, and lessons learned, discuss challenges, and explore development opportunities. The event provides a platform for SIBs to showcase their best products, seek collaboration opportunities, and expand their market presence. Participants include social impact businesses, government agencies, investors, and financial intermediaries.
In Vietnam, the SIB ecosystem is rapidly growing and dynamic, with an estimated 27,000 SIBs. However, these businesses, especially those led by or working with vulnerable populations (such as women, ethnic minorities, people with disabilities, and gender-diverse groups), face difficulties in simultaneously achieving profit and positive social and environmental impact.
The major challenges for SIBs include a lack of capital, information, market access for their products, and knowledge and skills in business management. SIBs also encounter external challenges such as the negative effects of the COVID-19 pandemic, a lack of intermediary support, a lack of ecosystem member connectivity, societal awareness, and, importantly, a lack of supportive government policies.
The ISEE-COVID project actively addresses these challenges by enhancing the capacities of SIBs, improving coordination between support organizations, and assisting the government in policy planning and development to create a conducive environment for SIBs. The project also implements pilot policy support methods at the provincial level and establishes a management and impact assessment framework for SIBs. These activities contribute to creating a dynamic SIB ecosystem with the involvement of the government, investors, intermediaries, and social impact businesses.
Notably, the event marked the debut of the White Book on Social Impact Businesses in Vietnam 2023, providing a clear identification of SIBs and enhancing their eligibility for government support programs and other relevant entities. The White Book, compiled to reflect the development process and acknowledge significant contributions, offers a comprehensive overview of SIBs in Vietnam for statistics, research, input, and policy development by domestic and international entities.
In conjunction with the White Book launch, the SIB Connect 2023 featured in-depth dialogues, business networking, advisor/expert connections, and exhibitions of high-quality SIB products.
SIBs are creating a transformative wave impacting various aspects of life and the business philosophy of traditional organizations. Beyond economic benefits, an increasing number of businesses aspire to generate positive impacts on society and the environment.
The ISEE-COVID project continues to be part of this wave of social impact businesses, bringing positive change to ensure that SIBs not only recover from COVID-19 but also thrive in the future, aiming towards a green and comprehensive economy.
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