Ignite in Vietnam - Supporting Vietnamese Entrepreneurs - CARE

Ignite in Vietnam

A group of Vietnamese women smile and stand together for a group photo.

Unleashing the power of entrepreneurs

Overview

CARE’s Ignite project in Vietnam unleashes the power of growth-oriented entrepreneurs, in major urban and peri-urban centers, contributing to a resilient and inclusive economy. The project is part of CARE’s global Ignite Program, in partnership with the Mastercard Center for Inclusive Growth, which runs in Vietnam, Pakistan, and Peru where there are large segments of unserved micro and small enterprises ready for investment. By partnering with local financial and non-financial service providers, Ignite opens up much-needed access to finance, technology, and networks and builds entrepreneurship capacity and skills.

Interested in partnering with Ignite? Contact us at ignite@care.org.

Who we are targeting

Over three years, the Ignite project will reach nearly 1 million entrepreneurs in Vietnam, accelerating the growth of 50,000 enterprises and impacting 340,000 entrepreneurs, their employees and family members. At least 70% of entrepreneurs will be women. The project focuses on growth-oriented entrepreneurs with employees who have been in business for at least two years.

 

Key Activities & Partners

VPBank

With VPBank, the leading commercial bank in Vietnam, providing tailor-made financial products for MSMEs, focused on women.

Design and delivery of a portfolio of adapted financial and non-financial products & services, including portal for micro and small enterprises with diagnostic tools, video trainings, and consumer education on their portfolio of women’s products.

WISE

With WISE, the leading organization supporting women’s entrepreneurship in Vietnam and the Mekong Region with a community of 11,000 women entrepreneurs.

Delivery of wrap-around services: capacity building, skills building, mentoring, digital tools, and access to entrepreneurial networks.

Canal Circle

With Canal Circle, a fintech offering digital solutions, connected to a network of ten MFIs reaching 100,000 clients.

Delivery of outreach campaigns promoting digital solutions, adapted products and services for women-led enterprises, and addressing social and institutional barriers.

The opportunity

Micro and small enterprises are the economic backbone of the Vietnam economy. They increase employment and reinvest in local communities. Female entrepreneurship is on the rise in Vietnam, with 27% of businesses owned by women.1 However, entrepreneurs – especially women – remain unserved or underserved by financial and non-financial service providers. Now is the time to act.

 

Meet Hien

Name: Nguyen Thi Hien

Location: Phu Tho province & Hanoi

Business: Food products, specializing in fermented pork

Monthly income: US $3,500

Employees: 15

Trading: Since 2015

Aspiration: To bring her products to an export  market

Needs: Financial capital to grow the business; training in digital skills and e-commerce to reach international markets

References:

  1. Mastercard Index of Women Entrepreneurs 2019
  2. “Women-owned enterprises in Vietnam,” IFC, 2017