Vietnam Business Challenge Fund has decided to award close to 2.5 million dollars as a non-refundable investment to the best eight innovative and inclusive business models in the areas of agriculture, low carbon growth, infrastructure and basic services, as a result of the first call for proposals in November last year.
The winning companies have demonstrated a high potential to achieve innovation, inclusion and commercial viability with their business ideas, bringing both commercial profits to the company and generating social impact to low income households across Vietnam. They proposed a wide range of business models, including:
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Increasing value in Vietnamese rice produced by introducing Japonica rice seeds widely to the market
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Introduction of bio char technology for corn production
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Sustainable farming of scallops in Vietnam
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Production and commercialization of F1 seeds in Vietnam
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Affordable water filters to improve low income households’ access to high quality water
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Fully commercial and centralized water treatment plant to improve low income households’ access to high quality and affordable water
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Medicinal plants production with ethnic minorities in compliance with GACP-WHO standards
These projects cover various locations including Long An, An Giang, Lao Cai, Son La, Lai Chau, Binh Thuan, among others, and will be implemented until December 2015. The expected outcome is thousands of jobs and increased income for tens of thousands of low income people, while benefiting the companies with increased profitability and market share. More importantly they will help introduce successful inclusive business models that can be replicated by other companies in the region.
As its slogan ‘Business opportunity – community benefits’ suggests, VBCF supports the private sector in Vietnam by developing an innovative and inclusive Business model that delivers both commercial benefits for the company and social impacts for low income households.
On 2 October, Vietnam National Seed Company (NSC) - one of the first eight winning companies - held an investment signing ceremony with VBCF in Hanoi. This project will be implemented over four years (2014 – 2017) in 10 provinces across the countries, with a total investment of VND 35 billion, of which VBCF's funding in the first two years (2014 – 2015) is VND 12 billion. Japonica rice seeds production and commercialization project of NSC promises to make a big difference in the agricultural sector in Vietnam. It is expected that after two years of implementation, the project will produce 25,000 ha of rice with an output of 150,000 tons of Japonica rice, creating jobs for 330 people and improve income for 190.000 people. By 2018, the project is expected to supply the market with 240.000 tons of Japonica rice, serving two million regular consumers.
VBCF's last call for proposals is still on-going with a deadline of 30 Oct 2013. VBCF encourages entrepreneurs to submit their applications if they are innovative, inclusive and commercially viable.
Source: VBCF
