All applications must be submitted by a registered company. However, implementation of the proposed project could be supported by other companies, non-governmental organizations (NGOs and INGOs), government-related agencies, and other non-profit organizations.

Yes.

Yes.

Yes.

No. All applications must come from a registered company.

If a state-related agency has a good idea to make markets work better for the poor in Vietnam, the agency must collaborate with a partner company. The partner company must lead the application and demonstrate sufficient commitment to the project.

If an NGO (or INGO) has a good idea to make markets work better for the poor in Vietnam, the NGO must collaborate with a partner company. The partner company must lead the application and demonstrate sufficient commitment to the project.

If an association has a good idea to make markets work better for the poor in Vietnam, the association must collaborate with a partner company. The partner company must lead the application and demonstrate sufficient commitment to the project.

Yes.

We welcome applicants from any part of Vietnam. However, the project will need to demonstrate that it can benefit a significant number of poor people.

All applicants will need to demonstrate their capacity to implement their proposed Project, and must also be able to contribute a minimum of 51% of project costs in cash.  Vietnam Challenge Fund will not provide grants for more than 49% of projects’ costs.
 

All applicants must prove their legal status, including office address, telephone number, fax number, company registration number and tax code.

If you are unsure of your eligibility to apply, please contact us, by email, fax or post (no telephone calls please), for written clarification and guidance.

We are looking for projects that: i) are innovative; ii) demonstrate the potential for commercial sustainability; (iii) have potential for growth and replication; (iv) are realistic and feasible; and v) most importantly, should have a significant impact on the poor. If you think your project idea meets these requirements, we want to hear from you.

Vietnam Challenge Fund is focusing on those agro-processing value chains that matter most to the poor in Vietnam.  Please check our website www.markets4poor.org for specific challenges.

At this stage, the Vietnam Challenge Fund only wishes to consider project proposals that fit within the area set by the specific challenges. However, please submit your details on our website’s subscriber list, so that we can keep you up-dated on future Challenges.

We are interested in potentially risky projects that can demonstrate the potential for commercial sustainability in the long run, and the ability to have significant impact on the poor. We are not interested in supporting a low level of business risk and therefore could easily attract more conventional financing, such as bank loans.

Vietnam Challenge Fund will consider proposed projects located in any part of Vietnam.  However, we will favour project proposals that are expected to have the greatest positive impact on the poor.

All projects approved as part of the first round of challenges should have a maximum duration of 18 months to reach completion.

If you are unsure whether your proposed Project meets our eligibility criteria, please contact us, by email, fax or post (no telephone calls please), for written clarification and guidance.

Yes. If you believe your idea meets the Challenge set by VCF, we would be happy to receive your proposal.

No. Payments will be made according to an agreed schedule with the Project’s implementer(s). These payments will be released when the Project meets each pre-agreed milestone. Payments will in most cases be reimbursements for funds spent by the grantees, according to the contract.

The grant size will typically vary between a minimum of US$30,000 and a maximum of US$ 250,000 per Project. Applicants must keep in mind that at least 51% of the Project’s costs must be provided by them, as the Fund will only provide up to 49% of the Project’s total costs.

The grant will be denominated in Vietnam Dong only.

Specific activities and items that will be funded by VCF will be determined during contract negotiations.

No. The Fund will not be involved in direct management of any Project.

Grant recipients will be expected to comply with various reporting requirements, to be mutually agreed during contract negotiations.

No. VCF does not provide technical assistance to grant recipients.

Recipients of grant funding by Vietnam Challenge Fund will be expected to comply with the following requirements:

• Achievements of agreed Milestones to trigger payments
• Quarterly progress report
• Financial statement of expenditures

The Concept Note is the first part of the application process. Applicants wishing to participate in the Challenge Fund must initially complete a concept note. All concept note submissions will be reviewed, and the most promising ideas will go through to the next stage. The Concept Note allows applicants to briefly present how ideas respond to the Challenge.

VCF will not provide any assistance to applicants in preparing concept notes. However, those applicants that are subsequently invited to submit more detailed proposals will be provided with some guidance.

• Step 1: Challenge is set by VCF.
• Step 2: Interested parties have one month to submit their concept notes.
• Step 3: VCF Independent Appraisal Panel reviews all Concept Notes, and shortlists the most promising applications.
• Step 4: Shortlisted applicants are invited to submit more detailed proposals within five weeks.
• Step 5: VCF Independent Appraisal Panel reviews and selects potential grantees.
• Step 6: VCF enters into Contract negotiations with successful applicants.
• Step 7: Contracts are signed.

No. The Assessment Panel’s decision is final. There is no right of appeal.

Yes. Applicants may submit more than one concept note if they have multiple Projects they wish to propose.

The milestones set by Vietnam Challenge Fund and the grant recipients will be mutually agreed upon, and will be set out in a formal contract, before the first grant disbursement is made. If you believe the milestones set are too demanding, and a mutually satisfactory agreement cannot be reached, then you are free to halt the application process at any time.

Yes. All applications will be treated in the strictest confidence during the application process. All the people involved in running the Fund, including the Independent Appraisal Panel members, have signed a binding Code of Conduct that prohibits them from divulging details of the applications to others, and also prohibits them from using the information for personal gain.

Vietnamese or English.

Yes. The terms of the contract will be kept confidential.

We will acknowledge the receipt of your Concept Note or Proposal.

You can submit Concept Notes and Proposals through email (as attachments), fax, or EMS.

Vietnam Challenge Fund will send a letter to each applicant, advising them of the decision.

Please subscribe to our email alert service at the M4P2 website at: www.markets4poor.org.

Yes. If a project does not reach proposal stage, or is ultimately not funded, the applicant company may submit a concept note for another (or revised) project in the next round of Challenges.

If a Project fails to meet an agreed milestone, according to the contract agreed, then any subsequent grant releases by the Fund will be halted until a mutually satisfactory solution is found. If a solution cannot be found, the Fund may regrettably have to halt its grant funding of the Project at that stage.

No, you will not.

The Vietnam Challenge Fund provides grants for projects rather than individual companies. VCF does not seek to obtain any financial return. The Fund is not an equity or venture capital investor, and will not buy shares in a company or a project. Nor will it wish to share in the profits of successful Projects. Our goal is to create a significant impact on the markets that matter to the poor.

The Vietnam Challenge Fund is not a bank, and does not provide loans or other kinds of debt financing. The funding provided is grant money, and there is no interest or other charges attached to the money provided by the Fund.

The Vietnam Challenge Fund is supported by the UK’s Department for International Development (DFID) and the Asian Development Bank (ADB).