Background

Vietnam is one of the most vulnerable countries to climate change
impacts, including sea level rise, rainfall, extreme weather changes
and typhoons. As a result, Vietnam is facing a number of development
issues such as shortage of clean water and intensive use of natural
resources and environment, which could threaten the country's key
industries and have dramatic impacts on economic growth.

Australia is supporting the Government of Vietnam to turn climate
challenges into opportunities for growth, by providing funds to
establish and operate a Climate Innovation Centre in Vietnam.
The centre supports Vietnamese small and medium enterprises
commercialise and scale up the most innovative private sector
solutions to climate change and green growth. The Centre is part of
a global network of innovation centres, which shares knowledge and
data, creates international business-to-business linkages and facilitates
trade across regions.

Expected results

• Up to 48 innovative Vietnamese climate smart start-up companies
  receive business advisory support and training and/or financing.
• Generate up to 500 new jobs.
• Support technologies that promote carbon mitigation, access to
  cleaner energy, adaptation technologies and better access to
  clean, avoiding more than 1000 tonnes of CO2 emissions.
• Over 1,700 households have access to new or improved products
  and services.
• Improve the Government of Vietnam's ability to develop policies that
  enable private sector investment to support entrepreneurs.
• Open up new market opportunities, technologies transfer and trade
  potential in the region.
• The Centre aims to become an independent entity, operating as a
  private business without donor support after 10 years. It should
  serve as a model for other countries in South East Asia interested in
  introducing climate technology innovation.