Blue Venture Award, a contest for social entrepreneurs, was launched in HCM City on Tuesday to promote development of social enterprises and help solve social and environmental problem in the community.

Organised by Pernod Ricard Vietnam and TV Hub, the competition also seeks to create a platform for young entrepreneurs, enabling them to reach out internationally to learn from start-ups around the world.

The contest will select a representative for the country to participate in an international competition called The Venture to be held next May.

The contestants, start-ups from fields that bring practical value to the community, will go through a selection process.

Blue Venture Award is part of a global entrepreneurial award, The Venture, founded by Chivas Brothers, to support social entrepreneurs who aspire to promote positive change in the world and spread the message that a company can both do business well and create a social impact.

It was first held in 2014, and has since spread to more than 40 countries including Argentina, Belgium, Brazil, China, Greece, Japan, Israel, the UK, and the US.

In the last three years it received over 6,000 applications, with 73 entering the global finals and start-up businesses receiving investments of US$4 million.

They have undertaken community projects that provide 24 million litres of clean water, help children and women attend school, reduce CO2 emissions by 60 million tonnes, recycle 1,300 tonnes of waste, and save eight million trees. — VNS