by NGOC ANH 19/01/2022, 02:39

Leveraging the social impact business ecosystem

The UNDP, Global Affairs of Canada, and the Ministry of Planning and Investment in Vietnam have launched the ISEE-COVID project to leverage the social impact business ecosystem in response to COVID-19.

Ms. Caitlin Wiesen, Resident Representative, UNDP Vietnam

Critical achievements of the YCL 2021

Ms. Caitlin Wiesen, Resident Representative, UNDP Vietnam Nam, said that despite the increasingly difficult context of COVID-19, in 2021, the National Startup Program still has a tremendous program to support the youth-led startups and mentor alliance in Vietnam Nam. UNDP, through the Youth Co: Lab project, is proud to collaborate with VCCI to support the National Startup Program in promoting SDGs entrepreneurship and inclusive innovation.

According to the General Statistics Office’s report last December, Vietnam’s GDP grew by 2.58 percent in 2021. It was one of the few countries in the world to do so, but the COVID-19 crisis also left a lasting impact. One of the significant effects observed on youth-led impact startupsAccording to Youth Co: Lab's OneYearOn 2021 survey, 92% of young entrepreneurs in Asia-Pacific have been negatively impacted by the pandemic. According to Youth Co: Lab Vietnam Nam's research last year, most of the youth-led impact startups are not prepared to combat strong market fluctuations, in which 62% struggle with production delays and customer reductions during COVID-19.

"I am happy to see that the Youth Co: Lab has created the platform to bring together the diversified background of experts, mentors, investors, and young entrepreneurs, not only from Vietnam but also from the globe, to exchange information, discuss challenges, and propose innovative solutions for supporting impact startups during and post the COVID-19 pandemic," Ms. Caitlin Wiesen said.

The plan for 2022

More milestones are expected to come, as UNDP Vietnam Nam is extending its commitment with Youth Co: Lab Vietnam Nam for at least the next two years, and 2022 will mark the five-year journey of the Youth Co: Lab in Vietnam Nam.

"I am pleased to share with you that the UNDP, Global Affairs of Canada, and the Ministry of Planning and Investment in Vietnam have launched the ISEE-COVID project, a 3 million CAD project, which aims to leverage the social impact business ecosystem (including the impact startups) to respond to COVID-19. With this concrete commitment, UNDP and partners share the same vision of building an impact startup ecosystem and motivating young entrepreneurs with a simple core objective: to unlock the potential of young entrepreneurs in helping us adopt and adapt new solutions to accelerate the achievement of the Sustainable Development Goals", Ms. Caitlin Wiesen said.

Ms. Caitlin Wiesen would like to congratulate the top 6 impact startups of the Youth Co: Lab 2021 and hope they will continue their excellent work. Besides, he would like to thank its partners, the Business Forum Magazine, VCCI, Vietnam Startup Mentors Alliance, and other partners for organizing this event.

What do you know about the Youth Co: Lab?

The Youth Co: Lab was co-created in 2017 by UNDP and the Citi Foundation. Youth Co: Lab aims to establish a common agenda for Asia-Pacific countries to invest in and empower youth to accelerate SDG implementation through leadership, social innovation, and entrepreneurship. The Youth Co: Lab has been implemented in 28 countries and territories across the Asia Pacific so far, and here in Vietnam, too. It deepened its critical collaboration with the Business Forum Magazine, the Vietnam Chamber of Commerce and Industry, the Ministry of Science and Technology, and other partners.

Starting in Vietnam Nam in 2018, Youth Co: Lab has trained over 350 young entrepreneurs and 110 impact mentors from 29 provinces of Vietnam Nam. The project also supported 35 youth-led impact startups by providing financial and technical support through the SDG Innovation Incubation Program. Over 600 youths and stakeholders joined several sub-national, national, and international policy dialogues to advocate for social impact businesses, youth innovations, and entrepreneurship. In 2019, Vietnam was also honored to host the Youth Co: Lab Asia & Pacific Region, which welcomed over 400 guests from over 20 countries in the region. In 2021, the COVID-19 pandemic prevented us from organizing offline events, but technology creates a virtual bridge for YCL to connect with more young entrepreneurs and mentors.