SIB Connect Market: empowering social impact businesses in Việt Nam
SIB Connect Market: empowering social impact businesses in Việt Nam
The ISEE-COVID project, sponsored by Global Affairs Canada, aims to strengthen the resilience of Social Impact Businesses (SIBs) in Việt Nam and mitigate the impact of COVID-19 on vulnerable groups, particularly women and girls. A key initiative within this project is the SIB Connect Market, designed to foster SIB networks across the country and support their market expansion and revenue growth.
Trương Thị Nam Thắng, lead researcher at the Research Institute for Innovation and Development. VNS Photo |
The SIB Connect Market is implemented by the Research Institute for Innovation and Development (IID) and its partners. Trương Thị Nam Thắng, lead researcher at IID, discussed the initiative with reporter Lê Việt Dũng.
Inner Sanctum: What led to the initiation of the SIB Connect Market?
In the fourth quarter of 2023, SIB networks and supporting organisations—including IID, the Vietnam Association of Social Enterprises (VNSE), SIB Connect JSC (Én Kết Nối), and the Assistance Centre for small- and medium-sized enterprises (SMEs) in the South—were commissioned by ISEE-COVID to organise a workshop at SIB Connect 2023, the annual festival of the SIB Ecosystem.
During the workshop, participants identified two key challenges facing the SIB community in Việt Nam. First, although there are numerous SIB networks nationwide, they remain fragmented, with overlapping activities and limited cooperation. Second, SIB products are not yet perceived as having superior quality, often relying heavily on their humanitarian aspect to be marketable.
To address these challenges, the 100 SIBs at the workshop proposed four collaborative projects, including developing the SIB Tour and SIB Gift, cross-selling, and establishing an SIB Financial Cooperative. They called on ISEE-COVID to implement these proposals, leading to the launch of the SIB Connect Market.
Inner Sanctum: What qualifications are required for businesses to participate in the SIB Connect Market?
Businesses participating in the programme must qualify as Social Impact Businesses, meaning they adopt a triple bottom-line approach, driving profit alongside social and environmental impact. Additionally, their products must be tangible, as the programme currently focuses on gift packages. They must also undergo a rigorous evaluation process to ensure adherence to their commitments.
We sent information about the programme to interested SIBs and organised multiple rounds of challenges to select the best-performing SIBs for advancement.
Inner Sanctum: What support do SIBs receive through the programme?
The SIB Connect Market offers four main support packages: SIB Go to Market, SIB Signature, Én Kết Nối Networking, and SIB Networks.
The SIB Go to Market package focuses on supporting SIBs in the South. Between February and April 2024, 100 SIBs received training on e-commerce, international trade fair participation, supply chain management, sustainable packaging design, and more. The top 10 were selected for additional in-depth coaching on topics such as revenue growth with TikTok Shop and market development with Amazon. The programme culminated in a pitching session in HCM City, where five outstanding SIBs were awarded valuable support packages from Amazon, VNPT, and TikTok.
The SIB Signature package, a highlight of the SIB Connect Market, ran from March to August. It began with the selection of 30 top-performing SIBs from an initial pool of 100, who then participated in training and cross-selling activities. After a month, these 30 promising SIBs pitched their ideas, with the top 10 officially joining the SIB Signature Programme. These SIBs received intensive coaching in product development, packaging, and cross-selling. Outcomes include 30 SIBs engaged in cross-selling, the creation of SIB Gift and SIB Tour packages, and two SIBs receiving consulting services to participate in international trade fairs and connect with international certification bodies.
Én Kết Nối Networking focuses on expanding Én Kết Nối's network membership and launching two new services: SIB Journey, a cross-selling platform for sustainable products, and SIB Catering, offering event catering featuring all-SIB products.
The SIB Connects package facilitates collaboration between current SIB support networks and fine-tunes their business models. Twenty SIBs joined the IID-led Catalyst 2030 global network, five joined Catalyst Market—a global digital marketplace for social businesses, and 334 SIB members of the networks joined imapvietnam, an IID-run digital map of Vietnamese social businesses.
Inner Sanctum: What has been the outcome of the SIB Connect Market?
After eight months, the SIB Connect Market has achieved impressive results. A total of 334 new SIBs have been added to imapvietnam—an interactive digital map of Việt Nam's SIB sector—expanding its membership to over 1,300. Additionally, 20 SIBs have joined the Catalyst 2030 network, and 187 SIBs have benefited from tailored training and coaching in e-commerce, digital transformation, and impact storytelling.
The programme has also led to the establishment of five brick-and-mortar stores where the top 10 SIBs cross-sell their products. A notable example is the Taste of Vietnam Store at Cam Ranh International Airport. Additionally, three experimental tours have been launched, offering visitors a deeper insight into Việt Nam's traditional craftsmanship.
Exciting developments are on the horizon for imapvietnam. IID is collaborating with Catalyst 2030 to expand the platform into iMap ASEAN, a comprehensive map of ASEAN SIBs. This expansion will integrate over 1,300 Vietnamese SIBs into a broader regional network.
Inner Sanctum: From your perspective, what have the SIBs gained from participating in the SIB Signature Programme?
The SIBs selected for the programme have reaped several key benefits.
First, in terms of branding, top-tier SIBs have received certification from a UN agency, validating their superior products and services, as well as their deep commitment to social and environmental impact.
Second, the programme has fostered cooperation among SIBs, even those with competing products, helping them find ways to complement each other's offerings.
Third, the programme has enabled SIBs to expand their customer base through cross-selling, both in physical stores and on e-commerce platforms, websites, and live stream channels.
In summary, the programme has empowered SIBs with new skills, fostered a cooperative spirit, and instilled a commitment to moving forward together.
