The Vietnam Challenge Fund (VNCF) Project is supported and financed by the Ford Foundation and is managed by the Enterprise Development Foundation (Vietnam Chamber of Commerce and Industry). VNCF provides non-refundable grants to enterprises to finance parts of their innovative projects in order to create jobs and develop the economy, particularly in underprivileged areas.

The financing aims to support and share the risks that enterprises may face in venturing into these innovative but higher-risk projects. In reality, enterprises could not have been able to execute this without a grant. After two-years of operations, the Vietnam Challenge Fund has provided financing for 8 projects in underprivileged areas in the North, such as Thanh Hoa, Bac Giang, Quang Ninh, Bac Kan, Yen Bai, Hoa Binh and Cao Bang. Projects include:

Investment in planting and processing essential oil of new lemon eucalyptus variety Naturally breeding, rearing, storing, regenerating , protecting, and sustainably development of the peanut worm resource (Phascolosoma Esculenta) – a precious, high economic-benefit but endangered species in Dam Ha Beach, Tien Yen, Quang Ninh Handicraft manufacturing expansion, attracting farmer in leisure time in Quang Xuong District, Thanh Hoa Province Building the ecological area with the model: Tea- Chicken- Processing Factory In Xuan Luong, Yen The District, Bac Giang Province Growing economic forest in combination with high –yield cassava at Tran Yen Commune- Yen Bai Province Investment on building infrastructure, factories at the Manh Hung vocational training centre, subsidiary of Hung Hiep Improving Management Capcaity of Small and Medium Enterprise for Poverty Alleviation Creating jobs for Quan Lan’s residents on Van Don Island through farming while spotted octopus