Mastercard and CARE will provide both funds and expertise that will enable 1,000 women micro-entrepreneurs in Ha Noi and HCM City to drive a robust recovery followed by sustained long-term inclusive growth. — Photo courtesy of Mastercard
Mastercard, along with Mastercard Center for Inclusive Growth, is collaborating with the non-governmental organisation CARE to provide direct assistance to some of those on the frontlines of the country’s economic recovery – Viet Nam’s women entrepreneurs.
As part of the collaboration, Mastercard and CARE will provide both funds and expertise that will enable 1,000 women micro entrepreneurs in Ha Noi and HCM City to drive a robust recovery followed by sustained long-term inclusive growth.
Part of the funds will be disbursed in the form of emergency cash and electronic transfers to help small, informal businesses kick start their operations as the economy reopens, while giving women flexibility to support their families financially.
In addition to providing women entrepreneurs with near-immediate assistance, the partners will be working together to bolster these businesses moving forward, creating stability and employment opportunities that will benefit their communities in the future.
“With success and resilience, Viet Nam has overcome the health implications of COVID-19. However, the journey to economic recovery is possible but it needs to start with the hardest hit section of the market – small business owners,” said Le Kim Dung, Country Director, CARE International in Viet Nam.
“With our partner Mastercard, we will re-ignite 1,000 women micro-entrepreneurs’ businesses, helping them to recover from the pandemic’s economic effects. Together we will deliver assistance now, and rebuild better, more equitably and inclusively,” said Dung.
“Through this partnership with CARE, Mastercard will be able to fulfill its commitment to unlocking the full economic potential of women entrepreneurs in Viet Nam and create a financially inclusive society for the digital age. Moving forward, Mastercard is committed to working with banks, businesses, consumers, and government partners in Viet Nam to ensure a strong recovery,” said Winnie Wong, Country Manager, Vietnam, Mastercard.
To provide support to Vietnamese businesses in the long run, Mastercard will leverage its banking and business networks, cyber security expertise, payments technologies and solutions, and vast data and market intelligence, while CARE will work with Women’s Initiative for Startups and Entrepreneurship (WISE), financial-inclusion fintech Canal Circle and VP Bank to tailor financial services and products that better suit the needs of women business owners. — VNS