Nguyen Thi Hong Le, founder of Minh Phuc Tra My Cinnamon Cooperative (2nd from left), and some cooperative members introduce their cinnamon products. (Photo: phunuvietnam.vn)

Nguyen Thi Hong Le, who was born and raised in Bac Tra My district, established the Minh Phuc Tra My Cinnamon Cooperative to increase the value of Tra My cinnamon, a specialty of Quang Nam province, and preserve the native cinnamon varieties.

Le, a former English teacher, had discovered that achieving her goals was more difficult than she expected, due to a shortage of capital, technology, human resources, and knowledge, until she joined the Co4Growth program.

“It was like catching a life buoy when I was introduced to the program in 2022. Initially I thought I would join just to see what it was like. But the more I learned, the more I got caught up in each topic, which filled in the knowledge and skill gaps for me,” she recalled.

“Although the program was not long enough to cover everything I needed, it met most of my needs. By the end of the program, I had received a small capital award to start a new field,” said Le.

The Minh Phuc Tra My Cinnamon Cooperative used to have only cinnamon essential oil as the main product and a few by-products. With her award of 40 million VND (about 1,600 USD), Le started making ground cinnamon bark powder, for which there is a high demand.

Le told VOV that the award has multiplied a dozen fold because it came “at the right time to meet our needs and hopes. I feel very grateful and fortunate.”

The cooperative now has more than 20 products made from Tra My cinnamon. Its essential oil has been rated a 4-star OCOP. Its cinnamon dishwashing liquid and floor cleaner has been recognized as a typical rural industrial product at the provincial level and won second prize in the Central Highlands region and a consolation prize in the national start-up competition for women.

(Photo: screen shot of co4growth.com)

The story of Hong Le and her Minh Phuc Tra My Cinnamon Cooperative is just one of many success stories engendered by the Co4Growth (Collaboration for Growth) program.

Co4Growth was created in 2021 by the Startup Vietnam Foundation (SVF) to provide support for Vietnamese enterprises. The Standard Chartered Foundation sponsored it to support communities in post-pandemic recovery and it is part of Standard Chartered’s global Futuremakers initiative, which addresses inequality by promoting greater economic inclusion for disadvantaged young people.

Le Thi Kim Thoa and Nguyen Trung Tinh of Alpha Amin win a prize at the Co4Growth season 3 for their project on organic antibiotics for aquaculture. (Photo: Co4Growth)

The Co4Growth program "Women’s Collaboration – Creating the Future" had a successful year in 2022 promoting women-led projects in Quang Nam and Thua Thien-Hue province. In 2023 the program helped entrepreneurs shift their mindset and vision, gain greater access to support resources, improve their products, and enhance their connections.

In 2024 the program changed its theme to “Accelerator Master – the Money Game.”

In the introduction of the 2024 Co4Growth, Neelam Dave, Head of Development Programs at Youth Business International hailed Vietnamese young entrepreneurs’ critical role in shaping the economy and addressing social and environmental challenges.

“But we know that access to financing and resources can be a huge barrier. That's where Startup Vietnam Foundation’s ‘Accelerator Master – the Money Game’ project comes in,” he said.

Through this innovative project, 400 young entrepreneurs in Vietnam will gain the skills, mentorship, and investment readiness they need. They will also get the chance to showcase their businesses at demo days where top projects will receive seed funding to take things to the next level., according to Dave.

“We're excited to support Vietnam's next generation of changemakers. Their success is essential to creating jobs, driving innovation, and building a sustainable future for the country,” he added. 

Nguyen Thuy Hanh, Standard Chartered Vietnam CEO. (Photo: Co4Growth)

Nguyen Thuy Hanh, the CEO of Standard Chartered Vietnam, said that in this phase, the program aims to create and sustain 140,000 jobs by 2030, prioritizing two key groups: disadvantaged young women aged 18-35, and micro-enterprises with a maximum of 10 employees and annual revenue of less than 10,000 USD.

“With a budget of 450,000 USD for the ‘Accelerator Master - the Money Game’ program, we hope the project will continue to provide valuable, practical knowledge to help businesses confidently develop sound financial strategies and plans that meet market demands,” said Hanh.

There will be five six-month acceleration cohorts within three years, with an estimated 80 participants in each cohort. The program will provide young entrepreneurs essential business knowledge and skills through comprehensive training sessions; help them build a solid strategy and financial plan to meet investor requirements; and connect them with investors.

Meanwhile, investors will participate as “coaches” in the early stages, setting tasks, testing the business's capacity, and providing financial and non-financial support.

Mandy Nguyen, SVF COO. (Photo: Co4Growth)

Mandy Nguyen, Chief Operation Officer of SVF, said that the ‘Accelerator Master – the Money Game’ program was designed to help young businesses, especially those led by women, be financially stable and develop confidently, while encouraging cooperation with partners and the community to grow together.

“Thanks to the Standard Chartered Foundation and Youth Business International, businesses are trained and connected, and have the opportunity to build trusted relationships with investors. It also provides non-refundable funding packages to help implement growth plans feasibly," Mandy added.

At the launch ceremony of Alpha Amin’s dream factory. (Photo: Alpha Amin)

The core principles of all Co4Growth programs are the same – collaboration, capacity building, access to funding, and networking.

The Alpha Amin Company in Dong Thap produces feed for cattle, poultry, and aquatic creatures.

The support of Co4Growth helped the company’s project to create a circular value chain to reduce greenhouse gases arising from aquaculture activities and waste from aquatic animals win first prize at the Mekong Initiative 2024 competition, according to Alpha Amin’s co-founder Nguyen Trung Tinh.

“It was easy for us to create a product. But business and personnel management is something neither of us, who studied engineering, have much experience in,” Tinh said, adding, “It was lucky and timely that, as soon as Alpha Amin was created, we learned about the Co4Growth program and SVF. We’re proud that, after participating in the incubation program, Alpha Amin was able to launch our dream factory. In 2024, we were recognized as an innovative SME.”

In business, good luck is good timing in connecting with investors, says Nguyen Ngoc Nhu Uyen, Southeast Asia Investment director at Circulate Capital.

“Investors and startup businesses must connect at the right time, when they meet each other’s criteria. Businesses must have broad connections to find diverse sources of capital. Networking is crucial, as connections help businesses build capacity and help them resolve problems. Management capacity is extremely important, and entrepreneurs must be sufficiently agile and adaptable because the market is constantly changing,” said Uyen.