Final showcase of the Vietnam social innovation challenge 2024; Final review of Startup’s green initiatives; Unlocking finance for plastic action in Viet Nam; Enhancing financial access for SMEs through credit scoring are the highlights of the past week.
FINAL SHOWCASE OF THE VIETNAM SOCIAL INNOVATION CHALLENGE 2024
On December 8th, the Vietnam Social Innovation Challenge (VSIC 2024) Northern Region concluded its 13th season, showcasing numerous innovative social entrepreneurship projects aimed at sustainable development. The GypFoam team won the first prize with their project on multi-functional building materials made from agricultural and industrial waste.
VSIC is a nationwide social entrepreneurship competition designed to identify and support innovative ideas that enhance the quality of life in Vietnam. Its goal is to foster a reputable and high-quality student startup community by encouraging young people to implement business projects that address social issues in Vietnam and pursue the United Nations’ Sustainable Development Goals (SDGs).
As a judge of the Final Showcase, Mr. Nguyen Phuong Nam, CEO of KLINOVA, strongly praised the projects presented this year. He also provided valuable feedback and suggestions to help the participants refine their initiatives, contributing to improving the quality of life and promoting the SDGs in Vietnam.
FINAL REVIEW OF STARTUP’S GREEN INITIATIVES
On December 10th, Dr. Nguyen Phuong Nam, CEO of KLINOVA was honorably invited to serve on the final judging panel of the Startup’s green initiatives competition themed Solutions for Green Growth and Sustainable Development. This competition, organized by the Center for Resource and Environmental Communications, aims to identify product offering solutions for green growth and sustainable development. The competition seeks to raise awareness, encourage, and foster the spirit of innovation and entrepreneurship nationwide. It also aims to create a green startup ecosystem by connecting startups with organizations, businesses, and investors to support the sustainable development of their projects. The awards ceremony is expected to take place on December 17th.
UNLOCKING FINANCE FOR PLASTIC ACTION IN VIET NAM
On December 12th, The Ministry of Natural Resources and Environment (MONRE), in collaboration with the United Nations Development Programme (UNDP) through the National Plastic Action Partnership (NPAP) Viet Nam and the World Bank, organized the workshop “Unlocking Finance for Plastic Action in Viet Nam: From Insights to Implementation.”
With over 90 participants attending through both in-person and virtual platforms, the workshop assembled representatives from government ministries, embassies, private-sector entities, international organizations, development partners, associations, non-governmental organizations, and financial experts at both the national and international levels, within the networks of NPAP and the World Bank.
In his opening remarks, Mr. Le Ngoc Tuan, Director General, The International Cooperation Department, Ministry of Natural Resources and Environment, emphasized that approximately $2.1 trillion is globally needed to eliminate plastic pollution from 2020 to 2040, according to the OECD. Vietnam also requires significant investment to address plastic pollution, adopt circular plastic models, and transform the manufacturing sector. Consequently, Viet Nam must actively prepare for the next phase of the NPAP program, implement the Global Plastic Treaty and collectively work towards a sustainable future.
The workshop featured two sessions focusing on policy frameworks, financial resources, and green investment opportunities to address plastic pollution. Session 1 discussed financial tools, while Session 2 proposed solutions for implementing suitable financial solutions to tackle plastic pollution in Vietnam. Ms. Vu Huong Ly, Sustainable Development Expert from KLINOVA, along with other businesses, participated in discussions on plastic waste management solutions. This further strengthens public-private partnerships in addressing plastic pollution and contributing to the development of a circular economy in Vietnam.
ENHANCING FINANCIAL ACCESS FOR SMES THROUGH CREDIT SCORING
On December 12th, Mr. Do Anh Minh, Sustainability Expert from KLINOVA, participated in the seminar "Enhancing Financial Access through Credit Scoring" organized by the Agency for Enterprise Development (AED) under the Ministry of Planning and Investment (MPI) in collaboration with the United States Agency for International Development (USAID) through the USAID IPSC Project. The event aimed to raise awareness and provide insights into credit scoring – a vital tool for small and medium-sized enterprises (SMEs) to enhance their financial profiles and expand access to funding opportunities.
Featuring leading experts from international financial institutions, banks, and top fintech firms, the seminar offered businesses understanding of fundamental concepts, objectives, and key factors influencing credit scores. Notably, the discussions shed light on how financial institutions utilize credit scores to assess business capabilities while presenting practical strategies to build robust credit profiles. Additionally, interactive Q&A sessions provided SMEs with detailed guidance on navigating loan application processes effectively.
