18.11.2022, 17:25

Korean organizations to support Vietnamese impact startups

Two startups were awarded a grant of 10,000 USD for each in Impact Chapter: Vietnam, a accelerating social impact business program in Vietnam.

In the Pitching Day of Impact Chapter: Vietnam

These startups are Weshare. Asia Co., Ltd – a donation platform from the e-commerce cashback of shopping orders and Larva Yum project of Green Connect Company – its solution is to utilize the soldier fly model to process organic waste resources into high-value products. The Top 2 will join the next round of Impact Chapter: Vietnam . 

Impact Chapter: Vietnam is co-implemented by Merry Year Social Company (MYSC) and Centre for Social Initiatives Promotion (CSIP), under the sponsorship of the Korea International Cooperation Agency (KOICA) with the goal to promote the social impact entrepreneurship ecosystem in Vietnam. The program searches for supporting and investing in impact startups delivering pragmatic solutions to social and environmental problems. The total amount of grant received by participating Social Impact Businesses is up to 100,000 USD, in which, Top 1 will be awarded a grant of 50,000 USD and additional grant. Moreover, enterprises with the most considerable business potential will secure the chance of being invested by MYSC and other impact investors.

Since April 2022, 73 applications from all over the nation have been collected. Next, 12 Pitch Decks were invited to participate in a 3-month acceleration program which will provide training, mentoring and connecting impact investors and supporting intermediary organizations to forge a Vietnam Impact Investment Network (VIIN) that promotes the practice of impact investment.

Expected to take place in March 2023, Impact Chapter: Vietnam: Demo Day will be the opportunity for proposals participating in the program to be introduced to the Board of Evaluation, correspondingly, the most excellent one will be disclosed to get a grant of 50,000 USD.

Mr. Jung-ho Park, representative from MYSC commented on the outcome of the Pitching Day: “Top 7 Social Impact businesses and startups selected to present at the Pitching Day have brought 7 different inspiring stories and shared the same mission and work together toward a Chapter of Social Entrepreneurship.” 

“We appreciate that there has been substantial improvement shown by impact startups in Pitching Day. After 3-month training sessions and mentorship provided by MYSC and CSIP. With all the support, we believe that impact businesses will have more opportunities to achieve business triumph and advantageous access to investment capital from impact investors.”, Ms. Pham Kieu Oanh – Founder, Director of CSIP reviewed.

In light of the recovery of Vietnam’s economy from the Covid-19 Pandemic, a large number of social impact businesses have been challenged by difficulties in recovering and leveraging their business and manufacturing operations. Meanwhile, these businesses have struck for innovative and adaptive business models which align with a sustainable environment and sustainable economy. It is strongly suggested that financial, capital, technical and capacity building assistance from public sector, community and stakeholders should be offered to unlock the full potential of such businesses, Ms. Oanh added.