GAC IIRV GBA+ Report-Approved April 2023

Gender Based Analysis (GBA) + of
The Impact Investing Landscape of Vietnam
IMPACT INVESTMENT READINESS VIETNAM (IIRV)

PROJECT NO. P010406
APRIL 2023
Gender-Based Analysis (GBA) + of

The Impact Investing Landscape of Vietnam
IMPACT INVESTMENT READINESS VIETNAM (IIRV)
PROJECT NO. P010406
APRIL 2023
i
Table of Contents
Introduction ................................................................................................................................. 1
Section 1: The Status of Women and Gender Equality in Vietnam ...................................................... 2
Shattering the glass ceiling for women employees and women-led SIBs in Vietnam ................................ 3
Situating IIRV amid Vietnam’s ambition toward upper-middle income status............................................ 4
Section 2 - IIRV Gender Equality Strategy and Framework ................................................................ 5
Section 3 - Navigating the GBA+ analysis within the context of IIRV .................................................10
Section 4 – Gender Analysis of Survey Results ................................................................................11
A. Profile of SIBs ..........................................................................................................................................................11

Ownership: ...................................................................................................................................... 11
Type of business .............................................................................................................................. 12
Size of business (personnel hiring) .................................................................................................... 12
Business sector operations ............................................................................................................... 12
Environmental, social, and gender-specific impact of SIB operations ................................................. 13
Gendered challenges to managing business ...................................................................................... 15
B. Diversity and Inclusion at the workplace .........................................................................................................16
C. Financials, capital structure, and capital raising ............................................................................................21
D. Impact of COVID-19 on business operations ..................................................................................................26
Impact on cashflow, business profitability .........................................................................................26
Impact on employees ....................................................................................................................... 27
Impact on input prices, customers, and business partners .................................................................. 27
E. Gender Lens Investing: Challenges and Opportunities Opined by Ecosystem Players .......................28
Section 5 – Deepening Vietnam’s commitment to intersectionality through the Orange Bond Initiative
(OBI) .......................................................................................................................................... 29
Section 6 – Recommendations for IIRV Goals, Design, and Implementation ......................................30
GBA+ Implementation and Measurement ...........................................................................................................35
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List of Figures and Tables
Figure 1: HDI, GII, Literacy, and Gender-based Violence: Snapshot of Gender Equality in Vietnam,, ,................................. 2
Figure 2: Gendered barriers affecting women’s economic empowerment ........................................................................ 4
Figure 2: GAC’s GBA+ and IIX’s GLI Framework............................................................................................................ 5
Figure 4: IIX Values Impact Performance, Risk Mitigation and Verification ...................................................................... 7
Figure 5: IIX Sustainability Framework ........................................................................................................................ 7
Figure 6: Summary of SIB survey respondents from the North, Central and South urban and non-urban provinces/cities ... 12
Figure 7: Target Beneficiaries of men and women owned SIBs ..................................................................................... 13
Figure 8: Areas of focus of men and owned SIBs ......................................................................................................... 14
Figure 9: Challenge #1 – Finding a good management team ........................................................................................ 15
Figure 10: Challenge #2 – Identifying a Successor....................................................................................................... 15
Figure 11: Challenge #3 Balancing time for business and home/family .......................................................................... 15
Figure 12: Top diverse groups hired by SIBs ................................................................................................................ 18
Figure 13: Top reasons for not hiring diversity groups .................................................................................................. 19
Figure 15: Reasons for insufficient adoption of policies ................................................................................................ 20
Figure 16: SIBs’ familiarity with capital raising processes............................................................................................. 21
Figure 17: SIBs’ experience raising capital from foreign investors .................................................................................. 22
Figure 18: Challenges to capital raise and activities requested by SIBs in the North region .............................................. 23
Figure 19: Challenges to capital raise and activities requested by SIBs in the Center region ............................................. 23
Figure 20: Challenges to capital raise and activities requested by SIBs in the South region .............................................. 24
Figure 21: Debt-equity preference of SIBs by Gender of Owner ..................................................................................... 25
Figure 23: Impact of COVID-19 on business revenue & profits....................................................................................... 26
Figure 22: Impact of COVID-19 on cash flow to maintain operations............................................................................. 26
Figure 24: Impact of COVID-19 on number of SIB employees ....................................................................................... 27
Figure 25: Impact of COVID-19 on SIB’s customers and business partners ..................................................................... 27
Figure 26: Impact of COVID-19 on Inputs prices & suppliers ......................................................................................... 27
Figure 29: Propelling DEI through the Orange Bond Principles ..................................................................................... 30
Figure 30: Tentative IIRV’s SIB training programs 2023-2027 ....................................................................................... 32
Table 1: Categories and IIX Values indicators and proxy ............................................................................................. 6

In addition, the report generated will also provide useful frameworks to depict an enterprise’s impact, for example through
IIX’s Sustainability Pyramid, as seen in Figure 5. ........................................................................................................ 7
Table 2: Proxy values for ‘Exposure to harm’ and ‘Coping capacity’ ............................................................................. 8
Table 3: Gender-specific indicators in IIRV’s Performance Measurement Framework (PMF)...........................................35
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List of Abbreviations
COVID-19 Coronavirus disease

ESG Environmental, Social, and Corporate Governance
GAC Global Affairs Canada
GBA+ Gender-Based Analysis Plus
GBV Gender-Based Violence
GDP Gross Domestic Product
GII Gender Equality Index
GLI Gender Lens Investing
HDI Human Development Index
IFC International Finance Corporation
IIRV Impact Investment Readiness Vietnam
IIX Impact Investment Exchange
LGBTQ+ Lesbian, Gay, Bisexual, Transgender, Queer (Questioning)
LGBTQIA Lesbian, Gay, Bisexual, Transgender, Queer (Questioning), Intersex,
Asexual, and (Agender).
MSMEs Micro, Small and Medium Enterprises
NSGE National Strategy on Gender Equality
PWD Person with Disabilities
SDGs Sustainable Development Goals
SIB Social Impact Business
SMEs Small and Medium Enterprises
WEF World Economic Forum
WMSMEs Women-Owned Micro, Small and Medium Enterprises
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Introduction
Commissioned by Global Affairs Canada (GAC), IIX is implementing the Impact Investment Readiness Vietnam (IIRV)
Project between 2022 and 2027. The aim of IIRV is to create sustainable livelihoods and improve the economic well-
being of vulnerable groups in Vietnam, particularly women and people in disadvantaged areas, by increasing the
impact investment readiness of targeted social impact businesses (SIBs) and sustainable micro, small and medium
enterprises (MSMEs). During the preparation phase of the Project Implementation Plan (PIP), IIX proposed a Gender
Equality Strategy. This strategy aims to address the challenges faced by social impact businesses (SIBs), sustainable
Micro, Small, and Medium Enterprises (MSMEs), as well as investors and ecosystem enablers. It combines Global
Affairs Canada's (GAC) Gender-based Analysis Plus (GBA+) framework with IIX's Gender Lens Investing (GLI)
framework. GAC's GBA+ framework focuses on assessing systemic inequalities and understanding how different
groups of women, men, and gender-diverse individuals experience policies, programs, and initiatives. Meanwhile,
IIX's GLI framework emphasizes the need to enhance the accessibility, affordability, and equity of various forms of
capital, aiming to empower women socially and economically. This creates a positive cycle of change that extends to
financial markets, climate, and society. Both frameworks are integral components of IIX's broader commitment to
adopting an ecosystem approach, considering the demand for and supply of capital while fostering an environment
that promotes valuable interactions among the players within the ecosystem.
The GBA+ assessment is conducted in alignment with the Market Research under Activities 1111.1 and 1211.1. It
examines any disparities in accessing financing, information, and business support services experienced by
entrepreneurs belonging to or working with different gender groups and vulnerable or disadvantaged groups. The
study's results highlight pertinent gaps in financing among gender and vulnerable or disadvantaged groups that need
to be addressed to improve the business economy of SIBs/sustainable MSMEs. The GBA+ assessment study is an
analytical tool to develop interventions to address the aforementioned disparities. This GBA+ assessment contributes
to ensuring that the project activities or proposed approaches/interventions presented in the PIP/Gender Equality
Strategy appropriately address gender-based issues and feed into the finalization of the Performance Management
Framework. GBA+ findings are aligned with the GE Strategy, and the interventions that IIX proposed in the Project
Implementation Plan (PIP) with two main initiatives: (1) Improving the readiness of women-impacting
SIBs/sustainable MSMEs, particularly those in disadvantaged areas, to absorb and deploy private commercial capital;
and (2) Increasing the provision of private commercial capital to women-impacting SIBs/sustainable MSMEs
Although the GBA+ study is a valuable analytical tool, it is important to recognize its limitations. The reliance on the
SIB survey results, with a small sample size of 189 responses, may not provide a fully representative picture of diverse
experiences and perspectives. To overcome this, the study incorporated secondary sources and stakeholder
interviews, ensuring a comprehensive understanding of gender dynamics in Vietnam. This multifaceted approach
strengthens the validity of the findings and informs effective interventions for the IIRV program's capital financing
support.
Additionally, the IIRV project will evaluate the effects of its interventions on gender equality by monitoring the
impacts of participating SIBs through the IIX Values assessment tool. This assessment will be conducted at least once
during the project's duration, allowing SIBs to assess the positive changes they have brought about. Moreover, the
project has incorporated gender-specific indicators into its Performance Measurement Framework (PMF), which can
be found in the report's section on gender indicators. This comprehensive monitoring and evaluation approach
ensures that the IIRV program effectively addresses gender equality gaps and promotes inclusive outcomes.
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Section 1: The Status of Women and Gender Equality in Vietnam
Vietnam ranks 55th among 163 countries in its progress toward achieving all Sustainable Development Goals (SDGs).1
The country has seen steady progress in all three dimensions of the Human Development Index (HDI) (a long and
healthy life, access to knowledge, and a decent standard of living) since the 1990s. The rate of increase in the HDI has
slowed over the past decade, mainly because Vietnam is now a richer country with relatively high levels of life
expectancy and educational attainment for its level of income. The country has been cognizant of instituting legal
frameworks and policies such as the Law on Gender Equality 2006, the Law on Support 2015, and the National
Strategy on Gender Equality (NSGE) 2011–2020 to reduce gender inequalities. The impact of these efforts
reverberates through Vietnam’s improving position in global indices. The country ranked 71 out of 170 countries in
2021 in the Gender Inequality Index (GII) and was up four places to 83 in 2022 as per the Global Gap Index of the World
Economic Forum (WEF). These indices measure performance in girls’ education, women’s labor force participation,
access to economic participation and opportunities, and maternal mortality. 2
For the next decade of action (2021-2030), the Government of Vietnam sets forth ambitious targets in its latest
National Strategy on Gender Equality to narrow the gender gap, create conditions and opportunities for women to
participate and enjoy equally in the fields of social life, and contribute to the national sustainable development. The
Strategy sets forth the intention to improve the number of women in the labor force and the quality of their
participation through the increase in female owners of businesses and the number of paid women employees,
decrease in time spent on unpaid household chores, and access to support services for women suffering from
domestic and gender-based violence (GBV), among others. 3
Figure 1: HDI, GII, Literacy, and Gender-based Violence: Snapshot of Gender Equality in Vietnam4,5, 6,7
1
Sustainable Development Report – Vietnam. Available here.
2
World Economic Forum (2022), Global Gender Gap Report 2022. Available here.
3
The Lancet (2022). Global, regional, and national prevalence estimates of physical or sexual, or both, intimate partner violence against women in
2018. Available here.
4
UNDP Human Development Reports
5
Global Data. Female Literacy Rate in Vietnam (2010 - 2021, %). Available here.
6
Global Data. Literacy Rate in Vietnam (2010 - 2021, %). Available here.
7
VietnamNet Global (2020). Nearly two in three married women face violence from husbands: study. Available here.
2
Shattering the glass ceiling for women employees and women-led SIBs in Vietnam
In 2021, Vietnam had about 26 million female workers, equivalent to 47.3% of the total employees. 8 Women still
make up the majority of the informal/vulnerable economy at 60%, compared to 32% of men. More than 50% of the
total female labor force still works in agriculture, 16% are employed in manufacturing, and about 30% in services.9
Women’s employment is concentrated primarily in sectors of Training and Education (75.20%), Hotels and
Restaurants (67.20%), and Wholesale and retail trade (55.50%),10 indicating the limited employment options women
have due to gendered stereotypes (teaching, hospitality, and caregiving are roles for women). IIRV collaborates with
various sectors, including sustainable agriculture, forestry, health-care, education and energy, which exhibit distinct
gender dynamics. The agriculture sector is experiencing increasing feminization, with women playing vital roles in
farming and rural economies. In contrast, the energy sector lacks female representation in decision-making and
technical positions. IIRV will support in empowering women in agriculture and promoting gender diversity in the
energy sector.
Within the MSME sector, it is estimated that women-owned SMEs comprise 21% of formal enterprises. 11 Even though
Vietnamese MSMEs account for over 98% of all business, 40% of GDP, and 50% of total employment,12 the MSME
financing gap stood at ~US$5.92 billion, as of 2107. Of this, women-owned SMEs accounted for US$1.19 billion, and
men-owned SMEs for US$ 4.72 billion 13; majority of these women-led ventures in Vietnam are micro, small or medium
enterprises. Within the domain of leadership, only 17% of women run larger enterprises and only 26.5% of women
run SMEs with less than 50 employees. This shows a wide disparity as well in women holding leadership roles in
companies.14 Yet, in the last two years, over 63% of women-led SMEs in Vietnam have witnessed growth rates (both
in terms of revenue and creating employment), while only 57% of men-led SMEs have shown similar trajectories. This
demonstrates the tremendous potential for gender lens investing (GLI) in the country. 15
Access to financial resources is a key challenge faced by women who own businesses. A 2018 survey outlines that
66% of women-owned enterprises required financing but only 21% were able to access it. 16 Women also have a
shorter duration of loans as compared to men. 40% of women noted difficulties in the loan application process. 17 An
International Finance Corporation (IFC) study in 2017 revealed that more men (47%) can access bank loans compared
to women (37%). The same study highlights that women were perceived as less business-savvy and more in need of
financial education, leading to an insufficient support network for women, and limitations in expanding business
contacts and engaging in partnerships.18 Following discussions with Vietnam’s impact investment ecosystem players
from project activities, IIX has identified five significant gender equality issues and barriers that affect women’s
economic empowerment pertinent to Impact Investment Readiness Vietnam (IIRV) Project (2022-2027).
8
Vietnam Briefing (2022). Gender Equality and Prevailing Challenges in the Workplace in Vietnam. Available here.
9
Better Work. Available here.
10
General Statistics Office, Vietnam.
11
Vietnam Briefing, Available here.
12
IFC (2017), Women-owned enterprises in Vietnam: Perceptions and Potential. Available here.
13
IFC (2017) Women-owned enterprises in Vietnam: Perceptions and Potential. Available here.
14
UN Women (2021), Country Gender Equality Profile Vietnam 2021. Available here.
15
Women-owned enterprises in Vietnam: Perceptions and Potential – IFC. Available here.
16
Vietnam Women Entrepreneurs Council (2018) Report on Needs Assessment of Women-Owned Small and Medium Enterprises in Vietnam.
17
UN Women (2021) Country Gender Equality Profile Vietnam.
18
IFC (2017), Women-owned enterprises in Vietnam: Perceptions and Potential. Available here.
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Figure 2: Gendered barriers affecting women’s economic empowerment
Situating IIRV amid Vietnam’s ambition toward upper-middle income status
Under the sponsorship of Global Affairs Canada (GAC), IIX is executing the Impact Investment Readiness Vietnam
(IIRV) Project from 2022 to 2027. The primary objective of IIRV is to enhance the impact investment readiness of
selected social impact businesses (SIBs) and sustainable MSMEs with a focus on vulnerable groups in Vietnam,
particularly women and individuals residing in disadvantaged regions. By doing so, IIRV aims to foster sustainable
livelihoods and enhance the economic well-being of these vulnerable populations.
IIRV seeks to drive the ecosystem to an equilibrium that bridges the gap between impact and finance focus, creating
balance by increasing the financial viability of SIBs. IIRV will work to catalyze private investment into selected SIBs
and sustainable Micro, Small, and Medium Enterprises (MSMEs) in high-impact and women-focused sectors such as
agriculture, forestry, and clean energy. On the demand side, the project will increase the impact investment readiness
of targeted enterprises to ensure that their internal processes can meet impact investors’ and lenders’ requirements,
as well as the levels of business management and financial literacy skills of these SIBs. This will increase the likelihood
that these enterprises will effectively raise capital to scale operations and impact. On the supply side, IIRV will also
create infrastructure for the growth of the impact investing ecosystem and engage players by improving business
linkages within the ecosystem and raising awareness on gendered-issues to impact investing and gender-lens
investing (GLI) in Vietnam.
As the country lays the foundation to move towards upper-middle income status by 2030 and a high-income country
status by 2045, the participation of women in the economy can have a significant impact on the GDP. The McKinsey
Global Institute estimates that improvements to gender equality translate to an additional US$ 40 billion in Vietnam’s
GDP by 2025, a figure that is 10% higher than the usual baseline. 19 By catering to holistic ecosystem needs in its
Project rationale and design, IIRV is well situated to advance Vietnam’s strategic goals and economic productivity by
catalyzing private investment into women-focused SIBs, thereby impacting millions of women, girls, and other
underserved communities in Vietnam.
19
Mckinsey & Company (2019). Advancing gender equality in Vietnam: A crucial balancing act. Available here.
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Section 2 - IIRV Gender Equality Strategy and Framework
IIRV will integrate gender equality and inclusion into project components and activities where appropriate by (i)
engaging a gender specialist; (ii) improving the readiness of selected women-impacting SIBs/sustainable MSMEs,
particularly those in disadvantaged areas, to absorb and deploy private commercial capital; (iii) working with supply-
side stakeholders on gender equality awareness and gender lens investing; and (iv) measuring and verifying social
impact (through IIX Values). I
IRV’s Gender Equality Strategy embraces an ecosystem approach that looks at both the demand for and supply of
capital, including developing an environment that fosters value-adding interactions among ecosystem players,
including investors, the Government, local NGOs and policy and advocacy groups. The approach, synthesized in the
figure below, will leverage two powerful lenses – GAC’s Gender-based analysis (GBA+) and IIX’s Gender Lens
Investing (GLI) framework - to improve access to four types of capital that support women empowerment: (i)
Economic Capital (access to customers and markets), (ii) Financial Capital (working and growth capital), (iii) Social
Capital (technical knowhow to develop business plans and proof of social impact), and (iv) Green Capital (capacity for
building climate resilience through mitigation, transformation and adaptation activities).
The GBA+ assessment examines the disparities in accessing financing, information, and business support services
experienced by entrepreneurs belonging to or working with different gender groups and vulnerable or disadvantaged
groups. The IIX GLI framework positions women across the supply chain as agents of change and has been used as
the model for increasing the understanding of supply (fund providers, ecosystem enablers) and demand-side (SIBs)
of GLI and facilitating the establishment of a common language for GLI in Vietnam. The GBA+ results will highlight
gaps in financing among gender, vulnerable or disadvantaged groups that need to be addressed to help improve the
business economy of SIBs/sustainable MSMEs. This also well aligned with the GE strategy which is a part of Project
Implementation Plan.
Figure 2: GAC’s GBA+ and IIX’s GLI Framework
The scope of IIRV considers women-owned and women-focused businesses (those that cater to women in their
supply chains as employees, users of product/service etc.) under its purview. In addition, investors and capital
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providers will be trained on identifying gender-related issues in accessing capital and incorporating a gender and
environmental lens in making critical investment decisions.
As the cornerstone of IIX’s work in amplifying the voices and experiences of underserved groups, IIX ValuesTM will be
deployed to account for critical intersectional data on gender and climate. IIRV will consider the following social risks
and opportunities indicators and proxy values in Table 1 for the shortlisted SIBs. The values highlighted in ‘Orange’
represent the Proxy values and the rest represent indicators, as present in IIX Values currently.
Table 1: Categories and IIX Values indicators and proxy
Categories IIX Values indicators and proxy

Women as Users and • Ownership of SIBs (women-led, owned, and senior management)
Leaders (in SIBs) • Self-identification of owners - Gender, ethnic minority, disability, religious preferences,
disadvantaged groups.
Gender Diversity in the • Inclusion of women, ethnic minorities, specially-abled, LGBTQ+ community, members of
Organization religious groups, and disadvantaged groups (separate for employees, senior management
and Board of Directors)
• Presence of inclusion-first practices and facilities such as disability and childcare-friendly
facilities, parental leave for parents of any gender, recognition of same-sex domestic
partners, flexible working schedules, etc.
• Presence of relevant policies and facilities, such as the anti-discrimination policy, and anti-
sexual harassment policy, to safeguard the interest of diverse groups
• Internal controls, training of employees and the Board’s focus on environmental, social, and
corporate governance (ESG) practices, as demonstrated by existing policies and processes
• Transparency and disclosure of ESG leadership standards and/or Principles
Women in the Value • Social impact intention and categories (training, market access, savings, access to goods
Chain (as beneficiaries, and services)
suppliers, employees, • Grievance redressal mechanisms for employees, particularly corruption, sexual harassment,
etc.) and violence
• Acknowledgment and awareness of women beneficiaries
• Effects on direct beneficiaries:
o Personal well-being - Physiological, safety/security, belonging, esteem, and self-
actualization
o Family well-being – Food, water, health, safety, education, and time poverty
o Women's well-being and empowerment – access to resources, respect, and
decision making
Risk mitigation: The ● Coping capacity in existing Values risk scoring methodology (details in Table 2)
degree to which social ● Exposure to harm in existing Values risk scoring methodology (details in Table 2)
risks are managed ● Communication of ESG factors to all staff members
Underpinned by commitment towards transparent reporting, powered by IIX Values impact verification
Verification • Self-identification – Gender, urban/rural location, ethnic minority, disability, religious

preferences, disadvantaged groups
• Affordability, Accessibility, and Equity of SIB’s product/service
As part of the IIRV project, a total of 200 SIBs shortlisted will undergo regular impact assessments and verification
processes to ensure transparency and attract investors interested in financing grassroots impact. These assessments
will take place at least once during the project cycle. Additionally, out of the 200 SIBs, 16 selected SIBs participating
in the Technical Assistance (TA) programs under IIRV will conduct self-assessments of their impact, which will be
verified by IIX. These verified SIBs will be showcased to potential investors and financing initiatives, further promoting
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their visibility and investment potential. The IIX Values Impact and Risk scores are calculated based on a scoring
methodology that accounts for both social and environmental factors. As illustrated in Figure 4, SIBs will be able to
collect information on the demography of its userbase, as well as feedback on sustainability, affordability and
accessibility of its products and services from the target demography. The quantitative scores thus generated by
the IIX Values report will reflect the impact performance of the SIB as well as the risks faced by and mitigation
capacity of communities that it caters to. The case for the interconnectedness of advancing gender equality and
balancing risk, return and impact has been discussed in the ensuing sub-section.
For impact verification at the last mile, IIX Values deploys customized survey for SIB employees, customers and
suppliers, depending on sector of SIB operations, to ensure their voices and experiences are adequately reflected. For
employees, indicators include income, working conditions, benefits, training, satisfaction/relationship and long-term
planning. For supplies, indicators include affordability & access, training & benefits, relation with community and
environment and satisfaction. Lastly, for customers, indicators include access & affordability, improved life,
relationship and community and environmental benefits. Impact information verified at the last mile will function as
a robust feedback loop to aid data-driven decisions for impact magnification.
Figure 4: IIX Values Impact Performance, Risk Mitigation and Verification
In addition, the report generated will also provide useful frameworks to depict an enterprise’s impact, for example
through IIX’s Sustainability Pyramid, as seen in Figure 5.
Figure 5: IIX Sustainability Framework
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Risk mitigation and the Role of Women
The traditional theory of investing is insufficient for impact enterprises as it does not recognize or value the impact
generated or the social risks inherent in such businesses. By including a third dimension (Impact), the RRI model of
investigating investment options internalizes and further quantifies the social impact created by these businesses.
This makes a case of for smart investment for impact in SMEs. IIX’s approach embeds consideration for traditional
financial metrics and due diligence (risk and return) balanced against robust impact measurement and verification
processes in order to maximize a coveted “triple bottom line” — financial, social, and environmental ROI.
The IIX Values Impact and Risk scores are calculated based on a scoring methodology that accounts for both social
and environmental impact factors, as seen in Figure 4, in conjunction with consideration for factors of community-
level risk mitigation, as seen in the Dimensions and Proxy indicators for Exposure to Harm and Coping Capacity,
specified in the above Table. This dual-pronged analysis for measuring risk and impact (deriving from the “Risk-
Return-Impact” framework 20 at the core of IIX Values’ underlying approach to impact assessment) is effective in
identifying the deep interconnectedness between gender empowerment at the direct beneficiary-level, and risk
reduction & management on a wider scale. The method of calculation, its intended meaning and proxy used for
calculation are specified below.
1. Exposure to harm - How your organization contributes to safeguarding the physical, social and economic
health of communities against external shocks measured across the following dimensions: environment,
health, social, economic and natural (disasters). Here, shocks are generally grouped into two kinds:
household-level shocks, such as illness, injury and unemployment (in technical language, these are called
‘idiosyncratic’ shocks) and community-level shocks, such as disasters, epidemics and conflicts (‘covariate’
shocks). Both types can have sudden or severe impacts on individual households’ incomes, consumption and
resources, as well as household members’ wellbeing.
2. Coping Capacity - Whether your organization’s work enhances financial, social, human, and natural capital
in your community, thus contributing to enhanced community resilience. As such, possession of assets (or
capital) gives households a wider range of options and livelihood opportunities in times of crisis, and it can
speed their recovery from some kinds of hazard event (although the most extreme events may be highly
destructive).
Table 2: Proxy values for ‘Exposure to harm’ and ‘Coping capacity’
Exposure to Proxy Coping capacity Proxy

harm dimension dimension
Environment ● Positive impact on: Financial ● Higher income

- Pollution
- Land rehabilitation
- Biodiversity conservation
on land & water
- Resource conservation
- Water conservation
20
The Risk-Return-Impact (RRI) approach refers to IIX’s underlying impact investment framework, wherein consideration for
traditional financial metrics and due diligence (risk and return) are balanced against robust impact measurement and verification
processes in order to maximize a coveted “triple bottom line” — financial, social, and environmental ROI.
8
Exposure to Proxy Coping capacity Proxy
harm dimension dimension
- Clean energy
Health ● improvements in shelter Social ● Increased confidence

● Access to energy, and ● Long term planning
WASH ● Better relationships
Social ● Increased skills and Human ● Access & affordability of

education food
● Empowerment ● Improved health
● Increased skills &
knowledge
● Access to information
Economic ● Increased income and/ or Natural disasters ● Conduct adaptation

access to finance activities
● Agricultural /livestock
productivity
Natural disasters ● Conduct mitigation and

transformation activities
The categorical pathways to the economic empowerment of women as identified on Values and their corresponding
outcome measurement proxies. Table 2 maps directly onto the key variables for assessing risk mitigation (Exposure
to Harm and Coping Capacity:
● Women as business leaders and users of capital - Determining whether and to what extent women, as direct
beneficiaries of impact, gain greater ability to “control” capital – acting not as passive recipients but active
owners and users. Under this category of women’s empowerment, coping capacity is enhanced via direct
access to capital and means of economic independence; and exposure to harm is reduced through this
improved self-sufficiency and agency.
● Diversity and the inclusion of women in the workplace - Consideration of and accommodation for the
inequitable circumstances of women in the workforce. Accounting for business-level efforts (and their
efficacy therein) to provide gender-inclusive policies and mechanisms to improve working conditions for
women employees is significant for enhancing the coping capacities of these women and reducing their
vulnerability to idiosyncratic shocks. With sustainable work and fair employment, access to their means of
earning a livelihood and gaining financial independence is more secure.
● Accounting for gender-disaggregated impacts along the entire business value chain - Embedding
consideration for impacts on women across the business at the strategic and operational level. Enhancing
coping capacity by expanding the scope of considerations of what is meant by “impact on women” – holistic
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and end-to-end. Reducing exposure to harm by reaching those at the end-mile to understand their
immediate needs and responses.
Ultimately these benefits accrue at the community-level as traditionally underserved demographics are imbued with
greater agency, opportunity for economic empowerment, and the ability to have their voices heard from the ground.
Empowering women across these fundamental areas is crucial for mitigating and managing risks in terms of
enhancing coping capacities and minimizing exposure to harm.
Section 3 - Navigating the GBA+ analysis within the context of IIRV

A SIB survey was conducted as part of the market landscape study to identify and present the various facets of SIBs’
experiences across 25 of 63 Vietnamese cities and provinces, with a dedicated gender lens. The key themes of the
market of the SIB market research study were to understand the business profile; social and environmental impact;
financials and capital raising activities; challenges for SIBs; the impact of COVID-19 on business and adaptation
strategy; and need for capacity building and technical assistance. The survey included a dedicated “Gender-Based
Analysis (GBA) Plus” section, which committed to collecting data along relevant gender themes (elaborated below).
More information about the survey can be found in the IIRV Market Mapping Study.
The survey also incorporated the GBA+ analysis framework of Global Affairs Canada (GAC) within the mixed-methods
approach, with desk research, interviews and various forms of primary data collection (e.g., enterprise surveys,
investor roundtable etc.). These include the review of laws and regulations, reports, articles and research papers, and
aims to provide an overview of the gender dynamics in Vietnam, and will inform the relevant interventions of the IIRV
program to support capital financing. Furthermore, IIX’s in-depth gap analysis of the data collected from the SIB
survey aim to explore and verify the gaps in accessing capital and managing business across different subgroups. The
result of the survey provides a snapshot of the social contexts in which SIBs operate, particularly gender, diversity
and inclusion factors with regard to the impact investing landscape.
However, the data analysis and report writing are not constrained to the GBA Plus section but also expand to other
sections to provide a holistic picture of the gender and diversity dynamics and challenges felt by SIBs, investors, and
ecosystem enablers. Moreover, the review of GBA+ framework by GAC provides guidance for the design and
development of primary data collection through SIB survey.
While the GBA+ approach provided a rigorous method for the assessment of systematic inequalities, as well as a
means to assess how diverse groups of women, men, and gender-diverse people may experience policies, programs,
and initiatives, IIX’s Gender Lens framework employed a value chain approach to capture experiences and voices of
diverse groups on demand and supply-side in Vietnam. The results of the survey, elaborated upon in the next Section,
will be used to provide guidance on designing project interventions that are responsive to gender, diversity, and
inclusion conditions and address any issues and/or take advantage of opportunities that would contribute to meeting
the Project’s objectives. As such, the scope of the analysis entails the following:
A. Profile of the SIBs

a. Overview – ownership of the SIBs by women or men, type of and years in business, sectors the SIBs
are in, and number of and percentage of female employees.
b. Social and Gender-Specific Impacts of SIB operations
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c. Gender norms impacting business operations, such as the prevalence of Domestic or Sexual
Violence and difficulty in business management (balancing time for business and care of
home/family, etc.)
B. Diversity and Inclusion
a. Participation of ethnic minorities, persons with disabilities (PWDs), genders other than man/women
or people who identify as Lesbian, Gay, Bisexual, Transgender, Queer (Questioning), Intersex,
Asexual, and (Agender) (LGBTQIA), people from different religions, and people from
disadvantaged groups such as displaced communities, refugees, victims of human trafficking, etc.
b. Prevalence of inclusive workplace facilities and policies (Conflict- or discrimination-related,
disability- and family-friendly policies)
C. Financials, capital structure, and capital raising
a. Familiarity and confidence with the capital raise process
b. Challenges to and requirements for successful capital raise, particularly the need for capacity
building and technical assistance
D. Impact of COVID-19 on business operations
E. Gender Lens Investing: Challenges and Opportunities opined by Ecosystem Players
Section 4 – Gender Analysis of Survey Results

A. Profile of SIBs
Ownership:
The majority of SIBs in the survey are women-owned (72%) across all regions. The SIB survey received responses from
25 (of 63) cities and provinces across Vietnam. Of the 189 survey responses received, women–owned/led SIBs
account for 72% of SIBs by ownership/leadership, with male-owned/led SIBs making up the remaining 28%. The
summary of SIB survey respondents from the North, Central, and South urban and non-urban provinces/cities is
depicted in Figure 6 below. The majority of the SIB respondents are women-owned (71%) in all three regions. Women-
owned SIBs are higher in number compared to the men-owned SIBs in each of the locations except for Hai Duong in
the North region.
11
Figure 6: Summary of SIB survey respondents from the North, Central and South urban and non-urban provinces/cities
Type of business
Most of the women-owned SIBs in the north region are for-profit, apart from Yen Bai and Hai Giang, where most are
co-operatives; similar trends are reflected in men-owned SIBs with majority of for-profit businesses, except in Thai
Nguyen and Hai Giang, where most are co-operatives. In the Central region, the majority of women-owned SIBs are
for-profit with a few that are non-profit businesses whereas the men-owned SIBs are all non-profit. In the South
region, the majority of women-owned SIBs are either for profit or cooperative with some cooperatives whereas the
men-owned SIBs are mostly for-profit with some non-profit businesses and cooperatives.
Size of business (personnel hiring)

While most women-owned SIBs in the north region have employees between 11-50 people, majority of men-owned
SIBs have employes between 1 to 10, with men-owned SIBs in Hai Duong and Thai Nguyen having between 11-50
employees. In the Central region, while women-owned SIBs employ 1 to 50 employees, men-owned SIBs exclusively
employ 1 to 10 employees in their businesses. In the South, most discrepancy was noted in regional hiring patterns
between men and women-owned SIBs; where women-owned SIBs hired majority of employees between 1 and 10
(Can Tho, Tra Vinh and Ho Chi Minh), men-owned SIBs in these regions reported to comparatively hire a greater
number of employees. Trends were similar in Can Tho and Binh Duong.
Business sector operations

The majority of the SIBs in the North region are in the Sustainable Agriculture sector with some proportions in
Education and Healthcare. Hanoi city has the most diverse sectors than all other non-urban locations with the SIBs
12
engaged in at least 7 to 8 other sectors. In the Central region, most of the women-owned SIBs are in the Sustainable
Agriculture sector followed by Education with the rest spread over in other sectors while the men-owned SIBs are
only in the Education and Healthcare sectors. In the South region, the urban city of Ho Chi Minh has the most diverse
sectors compared to the non-urban locations. The majority of the women-owned SIBs are in Sustainable Agriculture
in all except Ho Chi Minh City where the largest proportion is in the Sustainable Apparel business. The men-owned
SIBs are more spread across the different sectors particularly Sustainable Agriculture, Healthcare, Forestry, Fisheries
and Aquaculture, and others in non-urban locations.
In the context of Gender Based Analysis, the selection of sustainable agriculture, education, health, and energy
sectors by the IIRV project is a deliberate and strategic approach. The analysis of SIBs in the North, Central, and South
regions highlight important gender dynamics within specific sectors. In the North region, Sustainable Agriculture
emerges as a prominent sector, indicating women's active participation and ownership in this domain. Additionally,
the presence of women-owned SIBs in Education and Healthcare sectors reinforces their role in shaping social and
human development. The Central region demonstrates a similar pattern, with women-owned SIBs primarily engaged
in Sustainable Agriculture and Education sectors. These sectors have significant implications for gender equality, as
they align with the socio-cultural context and the roles women traditionally play in these areas. The South region,
particularly Ho Chi Minh City, presents a diverse sectoral landscape. While women-owned SIBs in non-urban areas
predominantly focus on Sustainable Agriculture, women-owned SIBs in Ho Chi Minh City showcase a substantial
presence in the Sustainable Apparel business. This reflects the complex dynamics of urbanization, market demands,
and women's entrepreneurial endeavors.
The IIRV project's emphasis on sustainable agriculture, education, health, and energy sectors acknowledges the
gendered nature of these industries. By targeting these sectors, the project aims to address gender disparities and
foster women's economic empowerment. It recognizes the existing strengths and opportunities for women-owned
SIBs in these sectors and strives to provide tailored support, capacity-building, and investment opportunities that
amplify women's voices, leadership, and participation. Through a gender lens, the project seeks to dismantle barriers,
promote equal access to resources and networks, and enhance women's economic agency in sectors where they face
both challenges and opportunities. By empowering women-owned SIBs in these sectors, the IIRV project contributes
to sustainable development, social inclusion, and gender equality, fostering an environment where women can thrive
and contribute to a more equitable and inclusive society.
Environmental, social, and gender-specific impact of SIB operations

Figure 7: Target Beneficiaries of men and women owned SIBs
While a majority of men and women-led

SIBs focused on low-income groups (75%
and 69% respectively), it was observed that
women-led SIBs are more diverse and
inclusive in their beneficiary demographics,
focusing considerably more than their male
counterparts on rural population (67%) and
slightly more on minority groups (28%) and
micro-entrepreneurs (32%).
13
In a similar vein, women-led SIBs were more Figure 8: Areas of focus of men and owned SIBs
likely to further advance women’s
entrepreneurship (66%) and women’s
livelihoods (78%), as opposed to male-led SIBs
(16% and 35% respectively). A majority of the
SIBs (79%) responded that they have created a
positive environmental impact. However, more
women-led Small and Medium Enterprises
(SMEs) responded to advancing climate
change adaptation (29%) and climate change
mitigation (40%), as opposed to male-led SIBs
(17% and 32% respectively).
A vast majority of the women-owned SIBs have more than 51% female employees across all regions. In contrast, most
of the men-owned SIBs have less than 50% female employees with very few exceptions, and those in Central have no
female employees at all. The results confirm that women-owned or led enterprises tend to hire other women.
Types of support provided by those that reported under the ‘Other’ category includes supporting the LGBTQIA+
community, mental health and heath of elders, educational and vocational support for people with disabilities and
children with disabilities, entrepreneurship & start-up mentoring for youth etc.
Relevance to IIRV’s goals, design, and implementation
IIRV is to advance gender equality and women’s economic empowerment in Vietnam. In terms of business sector
operations, the project's emphasis on sustainable agriculture, education, health, and energy sectors aligns with the
gender dynamics observed in these industries. By providing support and investment opportunities in these sectors,
the project can empower women-owned SIBs and contribute to gender equality, as well as sustainable development
and social inclusion.
IIRV plays a crucial role in addressing gender issues within the social impact business (SIB) sector. Through targeted
training, capacity building, and mentorship programs, IIRV empowers women-owned SIBs, enhancing their
understanding of impact investment and enabling them to develop sustainable business models. By providing
guidance in capital raising and facilitating connections with impact investors, IIRV helps women entrepreneurs
access the necessary funding to grow their businesses. Additionally, IIRV fosters an inclusive ecosystem by
collaborating with various stakeholders, advocating for supportive policies, and creating networks that offer peer
support and mentorship. By promoting gender equality within the impact investment sector and amplifying the
voices and contributions of women-owned SIBs, IIRV contributes to a more equitable and inclusive society while
driving sustainable development in Vietnam.
Additionally, the project can promote inclusive hiring practices and encourage women-owned SIBs to hire and
empower more women in their workforce. By creating economic opportunities for women and advancing women's
entrepreneurship, the project can contribute to women's economic empowerment and livelihoods.
Furthermore, the project can support women-led SIBs in creating positive environmental impacts and advancing
climate change adaptation and mitigation efforts. By providing resources, knowledge sharing, and networking
opportunities, the project can enhance the capacity of women-owned SIBs to address environmental challenges
and contribute to sustainability.
14
Gendered challenges to managing business Figure 9: Challenge #1 – Finding a good management
team
Finding a good management team
More women-owned SIBs in the North reported difficulty in finding

a good management team than those in the Center or South
regions.
In non-urban areas in the North, more women-owned SIBs felt this
challenge than their male counterparts; this trend is reflected in the
Central region too. In the South, however, more male-owned SIBs
noted this challenge in non-urban areas than their women
counterparts.
Even in the urban areas of Ha Noi and Ho Chi Minh, more women-
owned SIBs reported difficulty in finding a good management team
than their male counterparts.
Identifying a successor Figure 10: Challenge #2 – Identifying a Successor
Most women-owned SIBs across all locations reported finding a suitable

successor a ‘fair challenge’; comparatively, this problem was identified
most notably by women-owned SIBs in the non-urban Central area of
Thua Thien Hue.
Less than 50% of the women-owned SIBs in the north reported this being
a ‘low challenge’, whereas more than 50% of women-led SIBs in the South
noted this to be a ‘fair challenge’.
Balancing time for business and caring for home/family

Figure 11: Challenge #3 Balancing time for business and
home/family
Most SIBs in the North rate the challenge of balancing time for business
and caring for home/family as fair rather than high. Interestingly, most
SIBs in the North have a flexible working schedule and report having
parental leave for parents of other genders aside from mothers.
In the Center, despite having a flexible working schedule policy, women-

owned SIBs in Thua Thien Hue still rated the challenge of balancing time
for business and for caring for home/family as high. However, these SIBs
rated this challenge as fair in Da Nang City. Meanwhile, the men-owned
SIBs rated this challenge as ‘low to fair’ while not having any policy.
15
The majority of women-owned SIBs in the South region rated the difficulty of balancing time for business and for the
care of family/home as ‘fair’ instead of ‘high’ in all locations except Can Tho. Perhaps this is due to the fact that these
SIBs have both policies on flexible working schedules and parental leave for genders other than mothers in all other
regions in the southern locations.
Women make up the majority of unpaid family workers, especially in rural areas, underdeveloped economic areas,
remote areas, and ethnic minority areas. 21 Unpaid care work equated to around 20% of the total GDP of Vietnam in
2016. 22 Based on the hours, women could contribute 1.1 trillion VND to the economy per year, if they spent their time
in paid work in the care economy. 23 The pandemic has further exacerbated these inequalities, with women spending
35 hours per week on unpaid caring duties and domestic housework.
Such stereotypes profoundly affect women’s economic participation even in urban areas and among working women.
24
These include barriers to leadership and promotion based on the perceived primacy of their caregiver role which
fuels prejudice about women’s capabilities and knowledge. 25 Furthermore, this translates to female entrepreneurs
having lesser time available for work.
Enterprises could afford to add more explicit childcare support as a gender-inclusive policy. According to a study by
Monash University, 61% of WMSMEs and 55% of MMSMEs responded that more supportive and accessible childcare
policies for workers were greatly needed. 26
Relevance to IIRV’s goals, designs, and implementation
IIRV can support women-owned social impact businesses (SIBs) in addressing gender issues related to managing
their enterprises. They can provide targeted training and capacity-building programs to enhance management
skills and help women entrepreneurs find a good management team. Additionally, IIRV will have workshops to
raise a wareness of related stakeholders on gender issues, particularly in gender lens investing. IIRV can advocate
for gender-inclusive policies, such as flexible working arrangements and parental leave, to assist women in
balancing business responsibilities with caring for home and family. By raising awareness about the economic
value of women's unpaid care work and promoting explicit childcare support, IIRV can create a more supportive
environment for women-owned SIBs and contribute to gender equality in the sector.
IIRV’s efforts in developing a list of relevant policy and regulatory support for SIBs as well as providing training to
relevant stakeholders on gender issues will go towards sensitizing the ecosystem and developing suitable policies,
such as flexible working hours, for SIBs to tackle this issue. Most SIBs also noted a lack of awareness of relevant
policies that can attract more people from diverse groups to associate with the SIB, as elaborated upon in the next
section. Lastly, the challenges observed during the course of the project implementation will be condensed and
shared with decision-makers to enable the development of critical policy infrastructure for women-focused SIBs
and diverse groups in their supply chains across Vietnam.
B. Diversity and Inclusion at the workplace

The government of Vietnam has made special arrangements to encourage inclusion of women in the workforce. For
example, in 2017, the Law on Support to SMEs outlined preferential measures for women-owned SMEs, wherein
SMEs are eligible for state support, priority should be given to women-owned SMEs or SMEs employing more
21
22
UN Women (2021). Country Gender Equality Profile. Available here.
23
UN Women (2021). Country Gender Equality Profile. Available here.
24
25
26
Monash University (2022) Gendered Impacts of MSME Policy Responses to COVID-19 in South East Asia. Available here.
16
women.27 In 2019, the government also issued Circular No 05/2019/TT/BKHDT28 to provide generous subsidies for
Human Resources of women-owned SMEs. This includes a 100% subsidy for expenses for training in
entrepreneurship, business administration, and advanced business administration for women at women-owned
SMEs.29
Sexual harassment in the workplace has also been a major obstacle to women’s equality in the workplace in Vietnam.
It persisted as a taboo and undiscussed topic as employers are left to self-enforce policies on it. The government has
taken steps to improve the working conditions of women by setting out comprehensive regulations on sexual
harassment and adding it as a listed ground of dismissal for businesses, as outlined in the 2019 Labor Code. 30 The
legislation outlines businesses that fail to act appropriately to prevent sexual harassment face significant risks, and
the government will legally take action.31 Despite the government’s efforts with four articles relating to sexual
harassment, it still falls short of fully protecting women.32
A national study on violence against women conducted in 2019 found that 63% of Vietnamese women aged 15–64
have experienced physical, sexual, emotional, economic, or behavioral abuse by their husbands at least once in their
lifetime. 33 The study conducted by the Ministry of Labor, War Invalids and Social Affairs in collaboration with the
General Statistics Office of Vietnam, found 90% did not report the abuse at the time. The Law on Domestic Violence
Prevention and Control was recently amended by the National Assembly in 2022. The revision called for the provision
of essential and integrated services in one place in support of survivors of violence: including health, counseling,
police protection, and social and justice services. The law also requires special attention be made to vulnerable groups
such as people with disabilities, children, the elderly, and pregnant women. Studies have shown that the impact of
violence against women also negatively impacts the productivity of businesses that the victims work in. This is where
SIBs can step in to contribute to ending the cycle of abuse.
While the government’s national strategies for gender equality have been positive towards particularly women in the
workplace, such as providing preferential tax incentives for enterprises with a majority female workforce – policies
that protect and empower female workers, are still limited. 34 Furthermore, the under-achievement of certain targets
like the proportion of businesswomen by 2015 and beyond, 35 emphasize the need to ensure financial resources for
gender equality is being institutionalized and appropriately incentivized, so that business owners remain encouraged
to enforce them within their businesses.
Diversity practices of the SIBs

Approximately half of the SIBs, regardless of whether they are men or women-owned, mentioned that individuals
from diverse backgrounds are not employed in their business. This is the trend noted across all regions and across all
types of diverse groups mentioned in the survey, particularly gender-diverse people (LGBTQIA+), people with
disabilities (PWDs), people from ethnic groups or religious groups, and people from other disadvantaged areas.
Out of all the women-owned SIBs (which accounts for 71% of the SIBs in the survey), only about 20% reflect inclusive
hiring in their employee pool, from communities such as LGBTQIA+, specially-abled and ethnic minorities etc. This is
27
Vietnam Briefing (2021). Vietnam Implements Gender Equality Strategy but Challenges Remain. Available here.
28
Vietnam National Assembly (2017) LAW SUPPORT TO SMALL AND MEDIUM-SIZED ENTERPRISES. Available here.
29 Vietnam Briefing (2019) Government Incentives for SMEs in Vietnam – 2 New Circulars. Available here.
30 Sarah Galeski (2021) Vietnam: What Companies Need To Know About Vietnam's New Regulations On Sexual Harassment. Available here.
31 Sarah Galeski (2021) Vietnam: What Companies Need To Know About Vietnam's New Regulations On Sexual Harassment. Available here.
32
USAID (2021) USAID Linkages for Small and Medium Enterprises (LINKSME) Project. Available here.
33
VietnamNet Global (2020). Nearly two in three married women face violence from husbands: study. Available here.
34
35
Vietnam Briefing (2021). Vietnam Implements Gender Equality Strategy but Challenges Remain. Available here.
17
the pattern in all of the regions except for the north, where there are more women-owned SIBs that have reported to
have hired ethnic minorities as compared to those women-owned that have not. Meanwhile, in the south, there are
slightly more men-owned SIBs that hired ethnic minorities compared to women-owned SIBs. When it comes to
employing other disadvantaged groups, the same number of men and women-owned SIBs (5 SIBs for each) have
employed them.
For the SIBs that hired individuals from diverse groups, data shows that such diverse groups make up 10% of the
employee pool. This is the pattern seen in all regions and across all diverse groups in the survey. In contrast, data
revealed that only 10% of the surveyed SIBs have 71-100% of their employees from diverse groups and these SIBs are
mostly concentrated in North Vietnam. Meanwhile, for those that hired people that practice more than one religion,
data shows in all of the regions that there are mostly two to three kinds of religion in the SIB’s employee base.
Diversity practices of SIBs from urban and non-urban areas

Figure 12: Top diverse groups hired by SIBs
SIBs both located in urban and non-urban areas demonstrated inadequate adoption of diversity, with the majority
sharing that they are not employing people from diverse backgrounds. The only exceptions are Thai Nguyen and
Yen Bai in the North where more SIBs are employing ethnic minorities; and in the South - Ho Chi Minh City, with
more SIBs sharing that they hire people with more than one religion.
Reasons for not hiring from diverse groups
The top reason people from diverse backgrounds were not hired per survey respondent is the lack of applicants from
diverse groups. For ethnic minorities, people with disabilities (PWDs), and people from other disadvantaged groups,
the second top reason cited by the SIBs for not hiring these groups is that there are no such groups within their area.
Meanwhile, the second top reason cited by SIBs for LGBTQIA and people with more than one religion is that they do
not ask their applicants if they identify as a member of LGBTQIA or what their religion is. This is the trend reflected
in all regions and regardless if it’s a men-owned or women-owned SIB.
18
Figure 13: Top reasons for not hiring diversity groups
Policies implemented by the SIBs
Figure 14: Top 3 policies implemented by the SIBs
The top three policies implemented by the SIBs are workers’ conflict resolution (75%), flexible working hours (66%),
and anti-discrimination (60%). Data shows that an overwhelming majority of SIBs in all of the regions adopt the
workers’ conflict resolution policy. On the other hand, more SIBs are implementing anti-discrimination policies and
flexible working hours in the North and South region.
Half of the SIBs (50%) adopt the provision of parental leaves to gender types, while around 47% have an anti-sexual
harassment policy in place. For anti-sexual harassment, only the southern region has more SIBs (36 out of 65 SIBs)
adopting this policy. Meanwhile, the least implemented policies are disability-friendly facilities (37%), childcare
facilities (21%), and those that recognize benefits for same-sex domestic partners (17%). This is the same trend seen
for all of the regions.
19
Reasons for insufficient adoption of policies
The top reason that emerged for inadequate policies (or lack of it) is the SIB’s lack of familiarity with such policies
(49%) followed by the SIB’s lack of knowledge on how to implement such policies (37%). Around 56 SIBs (30%)
mentioned that these policies are not required by the law while 41 SIBs (22%) said that there is no need for these
policies.
Figure 15: Reasons for insufficient adoption of policies
A majority of SIBs in all regions reported unfamiliarity with inclusive policies. Given this, it is unsurprising that only
32% of all SIBs reported having disability-friendly facilities, 17% reported having policies that recognized benefits for
same-sex domestic partners, 21% reported having childcare facilities and less than half reported having an anti-sexual
harassment policy/understanding. While the SIBs reported a lack of PWD candidates for job positions, this may be a
manifestation of a lack of a welcoming environment for such candidates. Further, for LGBTQIA+ community
members, the lack of data collection on their employment, as noted by a significant percentage of SIBs, translates as
a missed opportunity to empower them.
Awareness and integration of inclusive policies, as addressed by the IIRV design, will benefit these SIBs in
empowering more diverse communities through their business operations as well as empower more women and
gender-diverse people to manage time between work and family and contribute more meaningfully to the
workforce productivity, owing to policies that recognize the ‘invisible’ challenges faced by them. With IIX Values,
impact self-verification, such data collected on their experiences will be instrumental in covering a huge data gap
in Vietnam and devising informed gender-smart programs and policies.
Through targeted training programs, IIRV can raise awareness among SIBs about the benefits of diversity and
inclusivity in the workplace. By emphasizing the importance of equal opportunities and representation, IIRV can
inspire SIBs to actively seek out and hire individuals from diverse backgrounds, particularly women, LGBTQIA+
individuals, people with disabilities, and ethnic minorities. Moreover, IIRV can assist SIBs in developing impact
measurement frameworks that incorporate gender-related indicators. This ensures that the progress and impact
of diversity and inclusivity initiatives are effectively monitored, enabling SIBs to continuously improve their
practices and contribute to a more equitable society.
20
In addition to capacity-building, IIRV can advocate for supportive policies specifically designed to empower
women-owned SIBs and individuals from underrepresented groups. By engaging with relevant stakeholders,
including government agencies, investors, and business networks, IIRV can help create an enabling environment
that encourages and supports the growth of diverse SIBs. Technical assistance and capital raising programs can
provide guidance, resources, and networking opportunities, enabling women entrepreneurs and individuals from
disadvantaged communities to thrive in the social impact space. By fostering their success, IIRV contributes to
economic growth, poverty reduction, and positive social change in Vietnam.
Overall, the IIRV project serves as a catalyst for change by addressing gender issues and promoting inclusivity in
SIBs. Through capacity-building, policy advocacy, and mentorship initiatives, IIRV empowers SIBs to embrace
diversity, implement inclusive practices, and maximize their social impact. By creating a more equitable and
inclusive business ecosystem, IIRV paves the way for a brighter future where all individuals, regardless of their
gender or background, can contribute and benefit from the social impact sector in Vietnam.
C. Financials, capital structure, and capital raising

Familiarity with the capital raise process and confidence and readiness to absorb private capital
More than 50% of all SIBs reported that they were not familiar with the capital raise process. The implication and/or
the reason for this is reflected in SIB’s experience raising capital from foreign investors, which 93% of men-owned
SIBs in the North and all of the men-owned SIBs in the Central zone do not have. In contrast, 47% of women-led SIBs
in the North and 43% in the Center reported having familiarity with the capital raise process. These SIBs also reported
having more experience in raising capital from relevant local and/or foreign impact investors.
In the South region, the trend observed is on the contrary. Women-led SIBs are less familiar with the capital raise
process as compared to their male counterparts. This is also reflected in their experience in having raised capital from
foreign investors; only 7% of women-owned SIBs in the South have raised capital from foreign investors as opposed
to 33% of men-owned SIBs in the South.
Figure 16: SIBs’ familiarity with capital raising processes
21
Figure 17: SIBs’ experience raising capital from foreign investors

The IIRV project will help address the challenges of familiarity with the capital raise process in different regions.
The project offers targeted capacity-building programs and facilitates connections between SIBs and
local/foreign impact investors, providing practical experience and knowledge for both women-owned and men-
owned SIBs. To enhance the familiarity of SIBs with capital raising, the project provides training and resources to
bridge the gap in their understanding of the capital raise processes. By organizing networking events and offering
guidance, the project specifically empowers women-owned or women-led SIBs, recognizing their potential to
generate positive impacts on women's lives and promote gender equality. These events also create opportunities
for potential SIBs to access capital from impact investors and generate more decent jobs for both men and
women. Overall, the IIRV project aims to strengthen SIBs' understanding of capital raising and enhance their
ability to secure funding for growth.
Challenges to successful capital raise and activities requested to access and convert investment opportunities
North
The biggest challenge noted by all SIBs was ‘Access to business and investor networks’; 62% of both men-owned and
women-owned SIBs agreed for this to be the case. It is not surprising to note that the majority of men-owned SIBs
(76%) and women-owned SIBs (77%) identified access to local and foreign investors as the top activity to support the
conversion of investment opportunities. On the other hand, the least reported challenge was ‘Complicated regulatory
structure’. Even so, more women-owned SIBs (32%) reported this challenge, as opposed to men-owned SIBs (17%) in
the region, demarking a clear need for educating women-owned SIBs on regulatory practices and compliances.
70% of women-owned SIBs requested support in advisory and technical assistance to raise capital. When prompted
to identify capacity-building activities on impact investment readiness, 59% of women-owned SIBs highlighted the
need for guidance on the whole process of investment readiness and capital raise and 64% requested guidance on
proper legal and financial documents and know-how. Around 50% of women-owned SIBs requested guidance on
negotiating and deal structuring and conducting impact measurement, showcasing their cognizance of impact at the
last mile.
22
Figure 18: Challenges to capital raise and activities requested by SIBs in the North region
Center
Figure 19: Challenges to capital raise and activities requested by SIBs in the Center region
The biggest hurdle noted by all SIBs was ‘Finance and business literacy’, as reported by 67% and 65% of men and
women-owned SIBs in the region. In accordance, most men-owned SIBs (67%) and women-owned SIBs (65%)
requested capacity building on impact investment and deal readiness. Further, while 46% of women-owned SIBs
noted a challenge with complicated regulatory structure, no men-owned SIB reported it to be the case for their
enterprise.
Among the other challenges, a stark difference was noted between men-owned and women-owned SIBs. A greater
proportion of women-led SIBs noted a challenge in: ‘Access to business and investor networks’ (65%), ‘Access to
business support services’ (50%), ‘Access to resources other than capital’ (46%), and ‘Access to marketing networks
and resources’ (42%). The proportion of their male counterparts reporting these as challenges was 33% across all the
above. Unsurprisingly, 65% of women-owned SIBs requested support in accessing local and foreign investors and
50% requested guidance on the whole process of investment readiness and capital raise. Women-owned SIBs also
requested more support on business plan readiness (46%), deal structuring (42%), and social and environmental
assessment than their male counterparts.
23
South
Figure 20: Challenges to capital raise and activities requested by SIBs in the South region
Akin to the North, the biggest challenge noted by all SIBs was ‘Access to business and investor networks’ (62% by
men-owned SIB and 61% by women-owned SIB). Over 50% of women-owned SIBs requested access to local and
foreign investors, support in advisory services and technical assistance on the capital raise process, and access to
innovative financial products of impact investment.
The least reported challenge was ‘Awareness and understanding of laws and regulations’. More women-owned SIBs
(43%) reported this challenge, as opposed to men-owned SIBs (33%) in the region, demarking a need for educating
women-owned SIBs on necessary legal statutes and regulations. In accordance, 45% of women-owned SIBs
requested guidance on the preparation of proper legal and financial documents.
Women-owned SIBs reported greater challenges in Access to resources other than capital (55%), Finance and
business literacy (55%), and Access to Transaction advisory services (52%), than their male counterparts, a similar
trend observed across Vietnam.

1. Access to Business and Investor Networks:
• Both men-owned and women-owned SIBs identified this as the biggest challenge.
• Majority of SIBs expressed a need for support in accessing local and foreign investors.
• The IIRV project will help by connecting SIBs to a wider network of investors, facilitating networking
opportunities, and organizing workshop or networking events where SIBs can showcase their businesses to
potential investors.
2. Finance and Business Literacy:
• SIBs, especially women-owned SIBs, faced challenges in finance and business literacy.
• Capacity-building programs on impact investment and deal readiness were requested.
24
• The IIRV project will provide training and workshops on financial management, business planning, and
investment strategies to improve the financial literacy and investment readiness of SIBs, particularly
focusing on the needs of women-owned SIBs.
3. Regulatory Understanding and Compliance:
• Women-owned SIBs expressed a greater challenge in understanding laws and regulations.
• Support in legal and financial document preparation was requested.
• The IIRV project will offer guidance and resources on regulatory compliance, legal documentation, and
navigating complex regulatory structures. This support can help women-owned SIBs gain a better
understanding of the legal requirements and ensure compliance with regulations.
Capital raising preference by gender of SIB owners
Figure 21: Debt-equity preference of SIBs by Gender of Owner
Based on the SIB survey conducted in the Market Landscape Study, it was found that among the women-owned SIBs
participating in the survey, a significant 60% expressed a preference for accessing capital in the form of debt, while
only 27% showed an interest in equity financing. This stands in contrast to the findings for men-owned SIBs, where
49% of the participants expressed a desire for debt financing, and 42% indicated a preference for equity financing.
These results highlight a lack of confidence among women-owned SIBs when it comes to equity fundraising, possibly
due to concerns about the complex and time-consuming nature of the equity fundraising process.
Moreover, according to the IFC survey, it was found that 75% of women entrepreneurs surveyed, who had a university
level education, expressed a dislike for the lengthy and complex bank loan application processes. Instead of opting
for more intricate bank loans, women entrepreneurs tend to rely on personal loans, credit card loans, loans from
moneylenders or individual lenders, and informal savings schemes to finance their businesses. This preference
highlights the time constraints faced by women entrepreneurs and their aversion to financial terminology, leading to
lower confidence levels compared to their male counterparts. Consequently, women entrepreneurs perceive complex
business loan applications as a greater burden. Additionally, there is a lack of financial products and services
specifically tailored to meet the needs of women-impacting SIBs/sustainable MSMEs. Financial institutions often
overlook this segment due to its relatively small size and limited sales prospects.
The IIRV project is dedicated to enhancing the capacity of women-owned SIBs. Through targeted programs and
initiatives, the project aims to empower women entrepreneurs and strengthen their businesses. By providing
access to networks, mentorship opportunities, and specialized training, the project equips women-owned SIBs
25
with the skills and knowledge needed to navigate the complexities of financing and attract potential investors.
With a focus on capacity-building, the IIRV project addresses the specific needs of women-owned SIBs, fostering
their growth and enabling them to make a meaningful impact in the impact investing landscape.
D. Impact of COVID-19 on business operations
The impact of COVID-19 on Vietnamese businesses has been wide-ranging, dependent on a large variety of factors,
and the business sector in which they operate; the higher cost of inputs – i.e. supply chain disruptions; as well
operational cash flow problems. The period saw a decline in the absolute number of SME clients for most banks as
most SMEs struggled with lower sales volume and an estimated 15% shutdown. Women-owned enterprises reduced
to 26.5 in 2020, which was still the second highest in the ASEAN region after Philippines with 27.1% and higher than
the rest of the countries in the region. 36
Cognizant that COVID-19 has gendered effects on participation and quality of participation of women in the
workforce, the SIB survey included a section on the impact of the pandemic on cash flow, revenue, input prices as
well as number of customers, business partners, and employees. Across the regions, it was observed that a decrease
in business revenue and profitability more severely impacted women-owned businesses.
Impact on cashflow, business profitability

More women-owned SIBs across all regions (North, Center, and South) reported a decrease in cash flow to maintain
staff and operations than their male counterparts. In the North, 56% of women-owned SIBs reported a decrease,
compared to 48% of men-owned SIBs. In the Center, 42% of women-owned SIBs reported a decrease, compared to
33% of men-owned SIBs. In the South, the disparity noted was highest with 77% of women-led SIBs reporting a
decrease, as compared to 52% of men-owned SIBs. It should be noted that across Vietnam, more men-owned SIBs
reported an increase in business revenue in this period, as compared to women-owned SIBs.
Figure 22: Impact of COVID-19 on cash flow to maintain operations Figure 23: Impact of COVID-19 on business revenue & profits
36
Mastercard (2020) The Mastercard Index of Women Entrepreneurs. Available here.
26
Impact on employees
Figure 24: Impact of COVID-19 on number of SIB
Consequently, across Vietnam, more women-owned SIBs reported employees
a decrease in the number of employees. In the North, 33% of
women-led SIBs reported a decrease in staff, as compared to 31% of
men-owned SIBs. However, 18% reported that they increased staff
capacity, as compared to only 14% of men-owned SIBs that reported
the increase. In the Center, while 31% of women-owned SIBs
reported a decrease in staff as compared to 33% of the men-owned
SIBs in the region, around 19% of women-owned SIBs reported an
increase in staff during the period, as compared to zero men-owned
SIBs that showcased the increase. In the South, 48% of women-
owned SIBs reported a decrease in staff as compared to 43% of men-
owned SIBs. No women-owned SIB in the region showcased hiring
during this period, while 19% of men-owned SIBs registered this
increase.
Impact on input prices, customers, and business partners
Figure 25: Impact of COVID-19 on SIB’s customers and Figure 26: Impact of COVID-19 on Inputs prices & suppliers
business partners
Conversely, more men-owned SIBs reported an increase in input prices from suppliers due to covid-induced
disruption in the supply chain. The greatest disruption was faced by women-owned SIBs and men-owned SIBs in the
Center (54% and 87%, respectively).
Apart from the North region, a greater proportion of men-owned SIBs reported a decrease in customers and business
partners during COVID-19 than the women-owned SIBs. In the Center, this disparity was the greatest with 67% men-
owned SIBs reporting the decrease, as opposed to 42% women-owned SIBs. A greater proportion of women-owned
SIBs in North (20%) and Center (38%) reported increase in business partners than their male counterparts (17% and
33% respectively).
Implications of familiarity with finance literacy and capital raise process on business operations during COVID-
19
27
As reported in a UNESCAP study, over 69.3% of women-owned enterprises saw the disruption of production/supply
chain/business networks as an obstacle during the pandemic, compared to 60.6% of male-owned enterprises.
Women-owned SIBs also faced a lack of operational cash flow, compared to 62% of male-owned MSMEs, post-
Covid.1 As a business survival strategy, WMSMEs were found to be more likely to use own funds or retained profits
and were more optimistic about recovery, which reflects women-led businesses to be more robust. 1
As such, businesses that rely on cash flows found it very difficult to survive as they were unable to cover basic
operational costs and faced a shortage of working capital, given they lack the depth of balance sheets, and ready
access to external capital.
Of the women-owned SIBs and men-owned SIBs that reported a loss in cash flow during COVID-19 in the survey:
• 63% of women-owned SIBs and 69% of men-owned SIBs reported not being familiar with capital raise process
• 50% of both women and men-owned SIBs reported challenges with finance and business literacy
• 65% of women-owned SIBs and 73% of men-owned SIBs reported challenges in accessing business and
investor networks
As noted in the previous section, women-owned businesses are more diverse and inclusive in their business and hiring
practices. The impact of loss of employees during this period for these enterprises may also be associated with
negative impact on livelihoods of sexually diverse, ethnic and displaced members of the community.
E. Gender Lens Investing: Challenges and Opportunities Opined by Ecosystem Players

Cognizant that the involvement of supply-side actors is crucial to fostering the impact investing ecosystem in
Vietnam, IIX conducted a separate survey for investors and ecosystem players. The majority of the ecosystem players
reported that after limited access to capital (90%), the most critical factors inhibiting the growth of impact investing
in Vietnam are aligned with the mission of IIRV with respect to lack of entrepreneur mentorship (70%) and lack of
understanding of the investment process (60%). A significant percentage reported that SIBs were hindered by a lack
of access to human resources (70%), knowledge and application of monitoring & evaluation (M&E) practices (60%),
and financial management and pitching to investors (50%). These results are not surprising in light of the lack of
investor interest and a lack of intermediary support from incubators, accelerators, and trainers, reported as a
challenge by half of the respondents.
It should also be noted that access to businesses, investor networks, and support services, as well as finance and
business literacy, are issues that plague women-owned SIBs far greater than their male counterparts, a trend
observed across Vietnam. The institutional bottlenecks observed by these enablers are addressed by the IIRV
program. The responses validate the potential of the benefits reaped by women-owned SIBs through the provision
of services integrated into IIRV’s design structure.
28
Figure 27: Most critical factors inhibiting the growth of impact investing and facing SIBs in Viet Nam
Further, the majority of the respondents resonated with the drivers of growth including training, education, and
capacity enrichment of SIBs as well as ecosystem mobilization through media exposure, regulatory support provision
by the public sector, and multi-stakeholder collaborations.
Figure 28: Drivers that could facilitate the growth of impact investing in Viet Nam
Section 5 – Deepening Vietnam’s commitment to intersectionality through the

Orange Bond Initiative (OBI)
The intended outcomes of IIRV provide a strong foundation for Vietnam to embrace the impacts of gender-led
sustainable development at scale. In the five-year duration, IIRV will radically stimulate the ecosystem through
capacity enhancement and education of SIBs, investors and ecosystem enablers alike and have a positive signaling
effect on global financial markets. Beyond the direct goals of IIRV, establishing Vietnam as a global player in impact
investing in the medium-term will require adherence to streamlined reform and infrastructure that is forward-looking
in overcoming current bottlenecks in the global impact investing industry, one of which is limited intersectionality.
IIX’s Orange Bond InitiativeTM (OBI), which aims to unlock US$ 10 billion by 2030 as the world’s first GLI asset class,
by and for the Global South and the 99%, recognizes this institutional problem. The lack of women or gender diverse
29
people as decision-makers in the design of ‘gender bonds’ has reinforced a Global North view where the main rise in
GLI has focused on women on boards or women-owned businesses. While these are important issues in their own
right, this has caused the market to lack a broader focus on the multi-dimensional forms of gender-based
discrimination faced by women in the Global South where a gender-lens may have equal or more relevance when
applied to supply chains (e.g. climate resilient training for smallholder women farmers), employees (e.g. fair pay and
work conditions in garment factories), and customers or clients (e.g. financial inclusion for low-income women or
LGBTQI+ individuals). This viewpoint does not adequately capture the intersectionality of gender inequality, which
when overlaid with gender-based discrimination can have compounding effects.
The GBA+ of the IIRV too realizes the lack of acknowledgement of intersectionality at the workplace across Vietnam,
with SIBs reporting that they do not have people belonging to LGBTQIA+, specially-abled or disadvantaged
communities etc. employed in their businesses. The lack of such acknowledgement and the correlated lack of
inclusive policies excludes a significant portion of a vulnerable labor force from reaping the benefits of gainful
employment, socio-economic mobility and climate resilience. Thus, to ensure that the conditions for a gender
empowered ecosystem are sustained and amplified post the IIRV program implementation period, IIX will embed
learnings from the OBI to inform the training curriculums for ecosystem players, such as banks, rating agencies, stock
exchanges, and consultancies, to investors and SIBs themselves. OBI’s fresh insights from the debt markets will have
a trickle-down first-in-line impact on the IIRV program trainings. As such, selected SIBs from the IIRV portfolio will
benefit from participating in the Orange Bond portfolio during the project implementation period. The application of
this impactful ‘Orange’ lens and the success of the training will be measured by data collected through IIX Values.
Figure 29: Propelling DEI through the Orange Bond Principles
Section 6 – Recommendations for IIRV Goals, Design, and Implementation

An overwhelming majority of SIBs surveyed in this study are women-owned (72%) and this is the same trend that
emerged in North, Central, and South Vietnam. Women-owned SIBs are mostly for-profit entities, practice hiring
from diverse socio-economic backgrounds and rural areas, and are more likely to advance women’s entrepreneurship
and climate change efforts, both mitigation and adaptation. This means that the IIRV project will not start from
scratch in its efforts to champion women as solutions to climate action; the current efforts and knowledge of women-
owned SIBs is a good take-off point for the project to design interventions for vulnerable groups. Further, with the
existing efforts of the Government of Vietnam to envisage that Vietnam graduates from lower-middle-income status
by 2025, IIRV is a timely, relevant and well-situated intervention to mobilize different ecosystem actors towards the
common goal by uplifting MSMES, the backbone of Vietnamese economy.
The aim of the IIRV project is to foster sustainable livelihoods and enhance the economic well-being of vulnerable
groups in Vietnam, with a particular focus on women and individuals residing in disadvantaged areas. This will be
achieved by enhancing the impact investment readiness of selected social impact businesses (SIBs) and sustainable
micro, small, and medium enterprises (MSMEs). By equipping these enterprises with the necessary skills, resources,
30
and support, the project aims to empower them to attract investment and create positive social and environmental
impacts in their communities. While not specifically targeting middle-income women entrepreneurs, the project
seeks to create a better impact investing ecosystem that benefits all SIBs and sustainable MSMEs, particularly
women-owned SIBs and those operating in disadvantaged regions. This inclusive approach aims to strengthen the
capacity of these enterprises to access impact investment capital, expand their businesses, and generate more decent
jobs, thereby empowering women and individuals in disadvantaged areas and fostering their economic
advancement.
The GBA+ identifies the following recommendations for the purpose of driving inclusion for diverse groups in
Vietnam.
• Integration of inclusive policies:

The integration of inclusive policies within Social Impact Businesses (SIBs) is a key focus of the IIRV project. Currently,
a significant number of SIBs in Vietnam, regardless of ownership, do not employ individuals from diverse
backgrounds. One of the main reasons cited is the lack of applicants from these groups. This issue is further
compounded by the fact that SIBs often lack awareness of the presence of diverse groups in their local areas or fail to
ask individuals to self-identify. This hampers their ability to create a diverse and inclusive workforce.
To address this challenge, the IIRV project aims to disseminate knowledge and raise awareness of relevant policies
that can promote inclusivity within SIBs. This includes disability-inclusion policies, child and LGBTQ+-friendly
practices, and other gender-responsive policies. Through training programs, IIRV will reach out to 200 SIBs in Vietnam
over a period of four years, with each year targeting 50 SIBs. The focus of these training programs will be to enhance
the understanding and awareness of SIBs, primarily CEOs and founders, regarding labor policies and inclusive
practices that have a positive gender impact. One of the modules in the training program will specifically cover
Gender Lens Investing (GLI), providing SIBs with insights into important gender-related metrics that impact investors
focus on. This knowledge will enable SIBs to attract new sources of capital and expand their impact.
Throughout the implementation of the IIRV project, data collection will be a crucial aspect. IIX Values impact
verification will collect essential data on the employment and quality of employment for diverse groups within SIBs.
This data will help track the changes and improvements resulting from the training programs and the integration of
inclusive policies. By monitoring the progress, IIRV can assess the effectiveness of its interventions and make
necessary adjustments to ensure the long-term success of promoting inclusivity and diversity within the SIB
ecosystem.
• Refining training curriculum and schedules:

As Vietnam recovers from the impact of COVID-19 shocks to its economy, MSMEs play a crucial role in building
resilience in their local communities. However, more than 50% of Social Impact Businesses (SIBs) reported a lack of
familiarity with the capital-raising process, hindering their ability to access the necessary funds for sustainable
recovery. This lack of knowledge and access to capital is particularly prevalent among women-owned SIBs. They face
additional challenges such as limited business and finance literacy, unfamiliarity with laws and regulations, and a lack
of access to business networks and transaction advisory services.
To address these challenges, the IIRV project, in collaboration with the GBA+ findings, will develop a tailored training
curriculum that encompasses the specific issues faced by different sections of Vietnamese society, particularly
women-owned SIBs. This comprehensive curriculum will focus on providing essential knowledge and skills to
31
enhance the overall capacity of SIBs and empower women entrepreneurs. It will cover a range of topics such as HR-
related good practices, talent acquisition, mentoring, upskilling of employees, and other pertinent policies.
One key area of emphasis in the training curriculum will be capital raising. Recognizing the importance of accessing
funds for business growth and sustainability, the IIRV project will design a module dedicated to guiding SIBs through
the capital-raising process. This module will provide insights into different forms of capital raising and equip SIBs with
the necessary skills to effectively mobilize funds to meet their business needs. By enhancing their understanding of
capital raising strategies, women-owned SIBs will be better positioned to attract investment and secure the financial
resources required for their enterprises to thrive.
Moreover, the IIRV project acknowledges the time constraints faced by women-owned SIBs and some men-owned
SIBs. To ensure inclusivity and accessibility, the training schedules will be designed in a manner that takes into
account the availability and preferences of participants. By accommodating their specific needs, the IIRV project aims
to maximize the impact of the training and enable participants to apply the knowledge gained effectively.
IIRV project recognizes the challenges faced by SIBs in accessing capital and the specific barriers encountered by
women-owned SIBs. Through the development of a comprehensive training curriculum, with a specific focus on
capital raising, the project aims to empower SIBs and women entrepreneurs by equipping them with the necessary
knowledge, skills, and resources to overcome these challenges. By bridging the gap in business and finance literacy,
providing access to networks and advisory services, and facilitating capital raising, the IIRV project endeavors to
support the sustainable recovery and growth of MSMEs in Vietnam.
Figure 30: Tentative IIRV’s SIB training programs 2023-2027
• Improving ease of gender lens investing:

The GBA+ findings highlight several key challenges faced by investors seeking to enter the Vietnam market,
particularly in relation to Social Impact Businesses (SIBs). These challenges include a lack of awareness regarding
relevant laws and regulations on investing in SIBs, a shortage of investable impact enterprises, and a lack of
capabilities among enterprises. Notably, women-owned SIBs reported even greater difficulties in terms of awareness
32
and capacity, which often results in these businesses being overlooked by investors. Additionally, investors
recognized the importance of network opportunities for women entrepreneurs, both in general and within specific
sectors.
To address these challenges and enhance gender sensitivities in investing, the IIRV project will provide
comprehensive training to supply-side actors. This training will offer a detailed overview of the legal framework,
incorporating the specific challenges faced by women-owned SIBs. By equipping investors with a deeper
understanding of the ecosystem and the needs of women-owned SIBs, the project aims to level the playing field and
enable these businesses to access capital and investors more effectively. Moreover, the incorporation of IIX Values
on the supply side will provide valuable impact analysis for investors, ensuring that both women-owned and men-
owned SIBs are evaluated on an equal basis.
Furthermore, the GBA+ findings reveal that ecosystem enablers and investors resonate with the mission of the IIRV
project, as they also face challenges such as a lack of entrepreneur mentorship and understanding of the investment
process. In addition, there is a recognized gap in intermediary support from incubators, accelerators, and trainers.
The comprehensive design of the IIRV project aims to address these gaps by providing services related to capital
raising, knowledge and education, and impact assessment. By bridging the demand side (SIBs) with the supply of
capital (investors) and offering a holistic support system, the project aims to foster a more conducive environment
for sustainable investment and entrepreneurial success.
the GBA+ findings shed light on the challenges faced by investors entering the Vietnam market and the specific
barriers encountered by women-owned SIBs. The IIRV project responds to these challenges by providing
comprehensive training, incorporating gender sensitivities, and offering impact analysis services. By addressing the
gaps in awareness, capacity, and support within the ecosystem, the project aims to facilitate meaningful connections
between investors and SIBs, ultimately fostering sustainable growth and positive social impact.
• Bridging data gaps to stimulate Vietnam’s impact investing industry:
As part of the IIRV project, all SIBs associated with it will undergo annual impact assessment and verification using
IIX ValuesTM. This assessment will utilize data from various sources, particularly the UN Sustainable Development
Goals (SDGs), the IRIS+ system, the Impact Management Project, and the SDG Impact Standards. By conducting this
assessment, the project aims to address data gaps and ensure the inclusion of diverse and disadvantaged
communities associated with IIRV.
To bridge gender data gaps, the IIRV project has two key objectives. First, it aims to establish impact measurement
as a recognized practice for SIBs in Vietnam by developing impact indices and benchmarking Vietnamese SIBs'
impact results against those of other countries. This will help position Vietnamese SIBs alongside their global
counterparts and contribute to the advancement of impact investment practices. Second, the project aims to
disseminate key findings through annual reports and policy papers, specifically focusing on a gender lens informed
by data collected during the project. These reports and papers will inform policy development and investment
decisions within the ecosystem.
Starting from the second year of the project until the fifth year, IIRV will produce an annual policy paper summarizing
the impact investment results achieved in Vietnam. These papers will incorporate gender-related factors and
highlight the contributions of women-led SIBs to social impact. The annual assessments conducted by SIBs using IIX
Values will serve as the basis for compiling the annual Impact Investment Report in Vietnam. Once completed, this
33
report will provide a platform to showcase the achievements of Vietnamese SIBs alongside their global counterparts,
emphasizing their commitment to gender-informed impact investment.
• Integrating a GE expert for course correction:
While the recommendations from the GBA+ have been instrumental in shaping the training curriculum and data
collection approach of the IIRV project, the involvement of a Gender Specialist throughout the project is still
considered valuable. Recognizing this, IIRV has mobilized a Gender Specialist to conduct the GBA+ and ensure gender
considerations are integrated into all project activities.
Starting from Year 2, the Gender Specialist will actively participate in working with different IIX program tools to
ensure the integration of gender considerations. This involvement will help in continuously enhancing and integrating
gender responsive interventions to the project activities. By having the Gender Specialist on board, IIRV aims to
maintain a comprehensive and inclusive approach. The operational mechanism of engaging the Gender Specialist
ensures that data collected throughout the project's lifespan is concurrently vetted for gender-considerate
enhancements and additions. This proactive approach allows the project to stay on track with its goals. By
continuously assessing and incorporating gender considerations, the IIRV project can adapt and evolve to create a
lasting impact on disadvantaged communities and promote gender equality.
34
GBA+ Implementation and Measurement
IIRV incorporates gender-specific indicators into its Performance Measurement Framework (PMF):
Table 3: Gender-specific indicators in IIRV’s Performance Measurement Framework (PMF)
Gender Indicators Target Sources Methodology Frequency

Number and % of women-focused SIB reporting that they At least 50% by Mid and final
Beneficiaries Surveys/Interviews
are confident and ready to absorb private capital end of Year 5 year
Number and % of women focused SIB in disadvantaged
At least 20% by Mid and final
geographical areas reporting that they are confident and Beneficiaries Surveys/Interviews
end of Year 5 year
ready to absorb capital
Number and % of investors reporting that they are willing At least 50% by Mid and final
Investors Surveys/Interviews
to look at providing capital to women-focused SIBs end of Year 5 year
No. of women-focused SIBs receiving basic investment 100 by end of Analysis of records (or
Beneficiaries Semi-Annual
readiness training Year 5 documents)
No. of women-focused SIBs receiving training on 100 by end of Analysis of records (or
environment and impact Year 5 documents)
No. of women and men receiving basic investment 500 by end of Analysis of records (or
readiness training Year 5 (250/250) documents)
No. of women and men employees indirectly benefiting 1,000 by end of Analysis of records (or
from investment readiness training SIBs received Year 5 (500/500) documents)
No. of women-focused SIBs having environmental 100 by end of Analysis of records (or
protection strategies in their development plans Year 5 documents)
No. of women-focused SIBs receiving in-depth investment 8 by end of Analysis of records (or
readiness support (TA/CR) Year 5 documents)
No. of women-focused SIBs that benefit from participating 2 by end of Analysis of records (or
in blended finance transactions (WLBTM Series) Year 5 documents)
% of women-focused SIBs reporting readiness to access At least 50% by Mid and final
private investments end of Year 5 year
No. of investors/ecosystem players educated in GLI, 110 by end of Year Analysis of records (or
environmental matters, and innovative finance 5 documents)
No. and % of ecosystem players reporting that integrating At least 50% by Mid and final
a gender lens is important end of Year 5 year
% of investors/ecosystem players improving their
Mid and final
knowledge of GLI, environmental matters, and innovative ? Beneficiaries Surveys/Interviews
year
finance after training
Number of women-focused SIBs showcased to investors in 5 by end of Analysis of records (or
web and events Year 5 documents)
1 by end of IIX / Partner Analysis of records (or Once (Upon
No. of modules developed on GLI
Q4 Year 1 Organizations documents) completion)
No. of training modules developed for investors (impact
4 by end of IIX / Partner Analysis of records (or Once (Upon
investing landscape, GLI, environment, and impact,
Q4 Year 1 Organizations documents) completion)
policies/ regulations)
No. of workshops organized to educate investors and
other ecosystem stakeholders (impact investing 5 by end of IIX / Partner Analysis of records (or
Annual
landscape, GLI, environment and impact, Year 5 Organizations documents)
policies/regulations
35

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Gender Based Analysis (GBA) + of

The Impact Investing Landscape of Vietnam

IMPACT INVESTMENT READINESS VIETNAM (IIRV)

Gender-Based Analysis (GBA) + of

Section 1: The Status of Women and Gender Equality in Vietnam ...................................................... 2

Section 4 – Gender Analysis of Survey Results ................................................................................11

A. Profile of SIBs ..........................................................................................................................................................11

Section 6 – Recommendations for IIRV Goals, Design, and Implementation ......................................30

GBA+ Implementation and Measurement ...........................................................................................................35

Table 1: Categories and IIX Values indicators and proxy ............................................................................................. 6

COVID-19 Coronavirus disease

Situating IIRV amid Vietnam’s ambition toward upper-middle income status

Table 1: Categories and IIX Values indicators and proxy

Categories IIX Values indicators and proxy

Verification • Self-identification – Gender, urban/rural location, ethnic minority, disability, religious

Figure 4: IIX Values Impact Performance, Risk Mitigation and Verification

Table 2: Proxy values for ‘Exposure to harm’ and ‘Coping capacity’

Exposure to Proxy Coping capacity Proxy

Environment ● Positive impact on: Financial ● Higher income

Health ● improvements in shelter Social ● Increased confidence

Social ● Increased skills and Human ● Access & affordability of

Economic ● Increased income and/ or Natural disasters ● Conduct adaptation

Natural disasters ● Conduct mitigation and

Section 3 - Navigating the GBA+ analysis within the context of IIRV

A. Profile of the SIBs

Section 4 – Gender Analysis of Survey Results

Size of business (personnel hiring)

Business sector operations

Environmental, social, and gender-specific impact of SIB operations

While a majority of men and women-led

Relevance to IIRV’s goals, design, and implementation

More women-owned SIBs in the North reported difficulty in finding

Identifying a successor Figure 10: Challenge #2 – Identifying a Successor

Most women-owned SIBs across all locations reported finding a suitable

Balancing time for business and caring for home/family

In the Center, despite having a flexible working schedule policy, women-

Relevance to IIRV’s goals, designs, and implementation

B. Diversity and Inclusion at the workplace

Diversity practices of the SIBs

Diversity practices of SIBs from urban and non-urban areas

Reasons for not hiring from diverse groups

Policies implemented by the SIBs

Figure 14: Top 3 policies implemented by the SIBs

Figure 15: Reasons for insufficient adoption of policies

Relevance to IIRV’s goals, designs, and implementation

C. Financials, capital structure, and capital raising

Figure 16: SIBs’ familiarity with capital raising processes

Relevance to IIRV’s goals, designs, and implementation

Relevance to IIRV’s goals, designs, and implementation

Capital raising preference by gender of SIB owners

Figure 21: Debt-equity preference of SIBs by Gender of Owner

Relevance to IIRV’s goals, designs, and implementation

D. Impact of COVID-19 on business operations

Impact on cashflow, business profitability

Impact on input prices, customers, and business partners

E. Gender Lens Investing: Challenges and Opportunities Opined by Ecosystem Players

Section 5 – Deepening Vietnam’s commitment to intersectionality through the

Figure 29: Propelling DEI through the Orange Bond Principles

Section 6 – Recommendations for IIRV Goals, Design, and Implementation

• Integration of inclusive policies: