Co4Growth at a glance
The Co4Growth program, which aims to strengthen Vietnam's startup ecosystem, is funded by the Standard Chartered Foundation, supported by Youth Business International (YBI), and implemented in Vietnam by the Startup Vietnam Foundation (SVF). It focuses on:
● Supporting women-led micro, small, and medium-sized enterprises (MSMEs), as well as green and sustainable businesses;
● Helping startups improve financial transparency and investment readiness, enabling them to engage more effectively with major financial institutions such as Standard Chartered Vietnam;
●Encouraging entrepreneurs to view rejection as an opportunity for learning and continuous improvement rather than a setback; and
● Supporting at least 400 entrepreneurs between 18 and 35 years of age across Vietnam through 5 cohorts from 2024 to 2027
Building confidence and expanding market vision
The stories of Fuwa Biotech, one of the program's Top 5 featured businesses, and A.N. Paper, a Top 10 outstanding business, illustrate the transformation brought about by Co4Growth Cohort 3.
For Fuwa Biotech, a Thanh Hoa-based producer of biological cleaning products made from pineapple peels, the greatest obstacle was the lack of confidence, according to co-founder Tran Thi Thanh.
"I wasn't comfortable speaking in public, presenting ideas, or connecting with others. This program and its training sessions made me much more confident. Now I'm ready to share our story wherever I go. For a business to grow, the founder must believe in the business and communicate that confidence to others. I believe stronger confidence will make our journey much smoother," Thanh told VOV.
For Nguyen Dinh Nhat Nguyen, founder of A.N. Paper, which produces paper from water hyacinth in Hue city, the program removed geographical barriers.
"Before joining the program, we were based in Hue and had little understanding of markets beyond our locality. Through Co4Growth, I was able to compare our business with enterprises in other regions, identify our weaknesses, and better understand what needed to be improved," Nguyen said.
Seed funding turns plans into action
One of the highlights of Cohort 3 was seed funding of 3,800 USD for each of the Top 5 businesses. But recipients were required to demonstrate clear implementation plans and financial discipline.
Nguyen Nha Quyen, Chief Operating Officer of the Startup Vietnam Foundation (SVF), said, "The seed funding was like the first push when you ride a bicycle—it created momentum. We don't simply hand over the money. Businesses must clearly explain how they intend to use it. What we expect in return is not repayment, but commitment, discipline, and serious implementation of the plans they propose."
Fuwa Biotech already has a clear roadmap for using the funding that focuses on expanding and standardizing its refill business model. Co-founder Thanh said, "We currently operate between 250 and 300 refill stations. We hope to help disadvantaged women and social organizations through this model. The seed funding will also support our communication efforts as we expand."
Although A.N. Paper was not among the 5 who received seed funding, the company is using resources from its Impact Award, together with knowledge gained from the program, to address its biggest challenge—human resources. Founder Nguyen said, "Our team is still small and very young. We want to strengthen each member's professional skills and recruit more personnel. We’re working to double both our core team and our workshop workforce."
Diagnosing businesses and shaping long-term strategy
Mentorship has been one of the program's greatest strengths, helping participating businesses streamline their operations and clarify organizational structures.
According to Le Thi Thanh Ha, CEO of Cat Tuong Audiology Development and Investment Company and a mentor in the program, "Human resources are the foundation of every business. I helped redesign their organizational structure, clarified job descriptions, and assigned responsibilities more effectively so that everyone understood their role and unnecessary overlap was eliminated."
According to SVF COO Nguyen Nha Quyen, the greatest part of the six-month accelerator is not the funding, but a change in entrepreneurial mindset.
"Businesses that are genuinely committed to growth, willing to listen to experts, and ready to adapt to market demands are the ones that achieve the strongest breakthroughs in how they tell their stories and in how they build their businesses and sustain their motivation," said Quyen.
Co4Growth Cohort 3 has demonstrated that when startups build strong internal capacity, transparent governance, and the right mindset, they become more attractive to both investors and financial institutions. For Vietnam's youth- and women-led MSMEs, that foundation is proving to be the most sustainable path to long-term growth.
