Strive Women supports women entrepreneurs to feel confident, resilient, in control, and equipped to grow their businesses, so they gain economic power in their households, communities, and economies.
Background
Strive Women, a four-year program (2023-2027) led by CARE and supported by the Mastercard Center for Inclusive Growth, strengthens the financial health of women-led small businesses in Vietnam. Women-led small businesses are critical contributors to economies, communities, and households. The opportunity is transformational because micro, small, and medium enterprises account for 90% of businesses, up to 70% of employment, and 50% of GDP worldwide (UN, 2023).
Working with local partners, Strive Women in Vietnam takes a women-centered design approach to deliver tailored financial products and support services, such as digital skills building and strengthening women’s networks. The program addresses the unique gender barriers faced by Vietnamese businesswomen and tests innovations related to the climate crisis and childcare, which both disproportionately impact women. Building on a long-term commitment to women entrepreneurs, CARE in Vietnam is also activating an inclusive ecosystem of stakeholders.
Partner with us
Interested in partnering with Strive Women?
Contact us at tranthiminh.nguyet@care.org
The opportunity
In Vietnam, women entrepreneurs, constituting 21% of formal micro, small, and medium enterprises (MSMEs), face challenges accessing equal capital opportunities, resulting in a $1.2 billion financing gap for their businesses. Obstacles include the lack of formal financial records, limited collateral access, and a shortage of specialized financial products (ADB, 2022).
CARE’s research indicates harmful gender norms are further hindering financial inclusion, with 80% of men and 60% of women believing businesswomen should be the main childcare providers, despite the pressures of running a business (CARE, 2022).
CARE findings showed that, despite these challenges, 75% of women entrepreneurs in Vietnam express a desire for access to more capital, underscoring the potential for transformative change in fostering financial inclusion. These factors highlight the significant opportunity for enhancing financial inclusion for women micro and small entrepreneurs in Vietnam.
Objective of Strive Women
- GROWING women-led small businesses
- PARTNERING with financial service providers to tailor product design
- INNOVATING on green business, childcare, and gender norms
- BUILDING inclusive ecosystems and sustained alliances
Why Strive Women focuses on financial health
For women entrepreneurs to gain economic power, it takes more than access to finance. It requires using a gender lens to look at holistic financial health. CARE in Vietnam and partners will support women running small businesses to feel confident, in control, and able to invest in what matters to her family and her business.
Strive Women’s focus
Strive Women supports micro and small enterprises, 70% of which will be women-led with at least two employees, and who have been in business for at least two years. The program runs from 2023 to 2027 in Pakistan, Peru, and Vietnam where women face multiple gender barriers and there are large segments of unserved and underserved micro and small businesses ready for investment.
Impact of Strive Women in Vietnam to 2027
- Campaign outreach: 2,000,000
- Direct support to 90,000+ entrepreneurs
- >90% Women-led Businesses
Time
2023 – 2027
Donor
