Best Projects 2021 features all the nominated entries submitted ‘Submit your Project’ category. All the entries consist of innovative projects run by existing enterprises in the form of businesses, NGOs or informal programs.
Active Ageing Vietnam
Published on September 27, 2021 um 09:20
Finance & Product Development Executive
Type of Enterprise
Year the ngo or company was founded
Explain your project in details:
Existing alternative solutions for the rapid population ageing in Vietnam comprise social solutions and business solutions. However, social solutions may not create long-term sustainability since they are merely geared towards helping people who are already old and are mostly dependent on limited resources like government subsidies, donations, and volunteering. In addition, there are business solutions aiming at providing preparation packages for old age. However, their fee is relatively high, which may create barriers for the low-to-middle-income class. In fact, financial preparation packages of most Vietnamese banks are offered for VIP customers only. In such contexts, Active Ageing Vietnam stands out by offering an optimal all-in-one solutions package that can be personalized for customers' long-term financial and healthcare plans. Generally, Active Ageing Vietnam's goal is to assist and promote an active attitude towards long-term self-preparation in coping with unexpected old age's financial and healthcare problems, to ensure well-being by making active ageing a necessity, to become the top-of-mind solution package for people at any age, and to build a sustainable community by offering a long-term solution. To achieve this goal, we plan to: - Establish programs to raise awareness of the prime working-age population (25-54 years old) for old age preparation - Provide digital-based tools via mobile app and websites to help people make financial and healthcare plans - Develop communication projects to attract users - Develop a network of ad-hoc experts providing one-to-one consultation In addition, the project attracts other stakeholders by providing a channel or platform for partners to promote their financial and health services to potential customers.
Impact of your enterprise on sustainable development
There are main reasons for the rapid population ageing in Vietnam. First, the costly public policy only creates a temporary fix. Second, most Vietnamese still lack the awareness and knowledge of financial and healthy preparation from a young age. Third, most Vietnamese still hold the long-standing cultural ideology that they will depend on their children while retiring. Resolving the rapid population issues requires both a public policy challenge and a cultural challenge. Acting as a helping hand to policy changes, we hope that Active Ageing Vietnam could become a sustainable solution in building up an active attitude towards pre-retirement self-preparation. Our mission is to provide a solution package with personal finance management tools and wellness information. Our vision is to become the first and the top-of-mind solution package for retirement planning. In this way, Active Ageing Vietnam aims to create both social and economic values for our stakeholders, in which social value accounts for a greater part. - For individuals: Raise awareness of ageing population and the need for active preparation Provide personalized tools for finance, wellness management, and old-age preparation Create a community for information and experience sharing - For Partners: + Distributing Partners Accompany firms in their CSR initiatives Adding values for and retaining their employees Increase the firms image and reputation + Corporate Partners Promote their products/services on our platform Access to a huge database of potential customers - For the society: Ensure social security and promote economic development. Ease the burden of caring for the elderly as Vietnam reaches the ageing stage. Limit the situation of "getting old before getting rich".
Sustainability and future plans
Although the project was initiated early in February 2021, we have received a lot of support. For financial support, we have raised a total fund of more than 3100 USD from sponsorships of corporates and individuals. At the same time, we received communicating, training, and consulting supports from various renowned entities. With all these worthy resources, we have created an action plan for this year and the next two years. In 2021, we call it the Research and Development and Launching phase. We aim at attracting target customers, launching websites, apps and organizing webinars monthly. And we plan to get 1,500 Basic users and 150 Premium users. At present, we have already achieved more than 100 basic users and 11 premium users. In the next year, 2022, our penetration phase. Our objective is to increase awareness about the project and the concept of "Active Ageing - Retirement Planning". We aim at getting more than 5000 basic users and over 500 premium users. 2023 will be our expansion phase, in which we will continue to develop and spread our projects. We will drive distribution through B2B. We aim at more than 10000 Basic users and Over 1000 Premium users. Concerning our profit-generating mechanism, our revenue model includes subscription revenue model, affiliate revenue model, and advertising revenue model. We sell premium memberships through B2C (in-app purchase) and B2B (through Distributing Partners). At first, we intended to use a B2C channel only, however, the behavior of purchasing subscriptions is quite unpopular in Vietnam. Thus, to drive revenue in the earlier stage, weve decided to distribute mainly through B2B. In this way, distributing partners may finance fully or partly Premium Memberships for their employees. From corporate partners, we collect referral fees (Affiliated Partners) and Advertising fees (General Partners). We expect to break even in 2022.
Your profile as an entrepreneur
In general, our team has 4 advisors and 8 core members. Our core members will be divided into 4 main groups including External Relationships, Marketing, Finance - Product Development, and Technical. Our advisors are all Ph.D. in economics and business. They have introduced us to their great networks to help us reach the community and receive financial support. Ms. Quynh Nguyen, with a 2-year experience working in a social business club, is working as the Project Leader, building the project scheme, assigning tasks, and following up on the progress. Before starting this project, Quynh participated in the ASEAN Data Science Explorer competition and realized her great concern for the elderly and Vietnam's ageing population. With her proposal "Outlook for the next active and healthy ageing population phase in Vietnam", she suggests collaborative actions from the government, the businesses, and individuals. With Active Ageing Vietnam, she has turned her proposal in terms of individuals into reality. Ms. Nhu Lam is an external relations executive in charge of building a sponsorship scheme for the project and establishing partnerships with organizations. Ms. Trang Nguyen and Mr. Tuan Nguyen are in charge of marketing activities: channels management, contents creation. Ms. Vy Ho and Ms. Thu Tran are responsible for developing the functions of the mobile application and managing the financial plan of the project. Lastly, the technical department is led by Mr. Long Vu and Mr. Du Nguyen. They are in charge of technical aspects such as application and website development.
Active Ageing Vietnam - Our social solution