A Canadian fund for small- and medium-sized enterprises has fertilized ground for several creative business ideas after its two-year implementation in the Mekong Delta province of Soc Trang.

Twenty-nine local firms have registered their projects so far.

In 2015 alone, three initiatives were selected from 13 submissions and granted nearly VND 800 million (USD 36,000). These included a project on cooperation models to produce and diversify abalone mushrooms, which secured an investment of more than VND 350 million (USD 15,750).

A farmer picking abalone mushrooms in Chau Thanh district, Soc Trang province. (Source: soctrang.gov.vn)

Beginning in 2014, the funding program, which has a budget of VND 12 billion (USD 54,000), will last until 2017.

It aims to provide 49 percent of total costs of the project selected from across 11 local districts and cities.

Maximum funding per project is VND 500 million (USD 22,500) for enterprises, and VND 300 million (USD 13,500) for households and collectives.

According to Le Thanh Tri, Deputy Chairman of the provincial People’s Committee, the Canadian government’s support through the program has encouraged local business creativity, contributing to economic development in the locality.

The firms recorded a revenue increase due to production growth and improved competitiveness. As such, they provided more training for employees and created more jobs.

Source: VNA