Vietnam Challenge Fund (VCF

Hanoi (VNA) – The Vietnam Challenge Fund (VCF) officially got underway in
Hanoi on November 10 with a total capital of 3 million USD.

The fund, aided by Vietnam’s Ministry of Planning and Investment, the UK’s
Department for International Development (DFID) and the Asian Development Bank (ADB)
for two years from 2009-2011, calls for new initiatives from the private sector in a
bid to benefit the poor.

The VCF will provide financial support of up to 49 percent of the total cost of new
business ideas ranging from 30,000 USD to 250,000 USD.

The DFID’s chief representative in Vietnam , Fiona Lappin said that the VCF
will share the economic risks that new projects may face, increase job opportunities
for the unemployed and boost poor people’s incomes.

The ADB’s country director Ayumi Konishi described the fund as a new approach,
saying that it will help the poor to have a wider access to markets, which will be
of great benefit.

Vice Minister of Planning and Investment Nguyen The Phuong added that the ministry
will work closely with the ADB and the DFID to help develop the private sector and
reduce poverty.-Enditem