Vietnamese businesswomen confidently reach out with CARE's "Brighten Up" project

The Shine Project, which runs from 2023 to 2027 and is implemented by CARE with support from the Mastercard Center for Inclusive Growth, aims to improve the financial health of women-led micro and small businesses in Vietnam. This group of businesses plays an important role in the economy, communities and families, but faces many gender barriers in business.

According to the United Nations in 2023, micro and small enterprises account for 90% of the market, employ 70% of the workforce and contribute 50% of global GDP. However, in Vietnam, women-led businesses account for only 21% of all small and medium-sized enterprises (MSMEs), with an estimated financial gap of up to 1.2 billion USD, according to a 2022 study by the Asian Development Bank.

Working with local partners, “Bung Sang” implements a number of practical support initiatives such as providing appropriate financial products, enhancing digital capabilities and expanding networking for female entrepreneurs. In particular, the program also tests climate change adaptation models and childcare solutions to address the specific gender barriers that women face.

Working with local partners, “Bung Sang” uses a women-centered design approach to deliver tailored financial products and support services, such as digital literacy and strengthening women’s networks. The program aims to address the unique gender barriers faced by women entrepreneurs and pilot initiatives on climate resilience and childcare, two of the issues that disproportionately affect women.

A 2022 CARE study found that social stereotypes about women’s roles continue to hinder financial inclusion, with 80% of men and 60% of women still believing that women should take on the primary role of family caregivers, despite the pressures of business. However, 75% of female entrepreneurs in Vietnam expressed a desire to have greater access to capital, opening up the potential for positive changes in financial inclusion.

The “Bung Sang” project aims at four strategic goals: developing women-led micro and small businesses; partnering with financial service providers to better serve women entrepreneurs; innovating green business initiatives, child care and gender norms; and building sustainable ecosystems and support networks.

The program focuses on helping women-led businesses balance cash flow between business and family, prepare for and manage financial shocks, and improve their decision-making skills. The priority target of “Bung Sang” is women-led micro and small businesses with at least two employees and operating for at least two years.

Lasting for 4 years, "Bung Sang" not only supports this group of businesses to overcome existing barriers but also lays the foundation for a fair and sustainable business environment in Vietnam, where women can confidently assert their role in the economy and society.

Below are some shares from Vietnamese female entrepreneurs who have been accompanied by CARE to create positive changes for their families and society: (Video source: CARE International in Vietnam)

Source: https://thoidai.com.vn/nu-doanh-nhan-viet-tu-tin-vuon-xa-cung-du-an-bung-sang-cua-care-207713.html