Participants to the event release the study report on social impact businesses on September 27 (Photo: baochinhphu.vn) Hanoi (VNA) –Social impact businesses (SIBs) are a key factor in helping to achievesustainable development goals, and as such they need more support to develop,according to a study report released in Hanoi on September 27.
The report, unveiled by the United NationsDevelopment Programme (UNDP) and the National Economics University (NEU), saidthat SIBs can balance social and economic targets will create a sustainablebusiness model.
About 59 percent of SIBs in Vietnam choose tobalance social and economic targets, with 34 percent focusing more on socialtargets. Meanwhile, 70 percent of these companies are operating profitably.
Job provision, ensuring a healthy and happy lifefor all people, and environmental protection are the top three fields that SIBswork to promote, the report said.
It added SIBs in Vietnam are usually small in scaleand revenue. Recently, all have been seen to promote gender equality byemploying women and three-fourths have accepted people with disabilities.
To promote the development of SIBs, the reportrecommends the country increase their access to capital and innovativefinancing methods, boost their connectivity with other private enterprises, andset up a network for the SIB sector.
Rector of the NEU Prof. Tran Tho Dat said thepromotion of social entrepreneurship began in 2009 with the establishment ofthe NEU’s Centre for Social Innovation and Entrepreneurship, exemplifying hisuniversity’s resolve and commitment in this field.
He expressed his belief that business modelaimed at profiting society and sustainable development is a 21st century trend,with entrepreneurs simultaneously generating economic values for themselves, providingpositive impacts on society, and reducing environmental impacts.
Catherine Phuong, UNDP Assistant CountryDirector in Vietnam, said that grasping this business model is criticallyimportant to Vietnam. Developing a more sustainable and inclusive approach toeconomic growth through innovation and technology, improving labourproductivity, and solving social and environmental challenges will helpaccelerate the realisation of sustainable development goals. –VNA
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