A business plan that aims to start an anti-plastic trend in Vietnam by creating original, fashionable and eco-friendly bags from recycled paper and organic cotton, has won a major prize in a prestigious 2010 Business Plan Competition.
The competition attracts entries from RMIT students in Australia, Vietnam and other worldwide RMIT locations.
Nguyen Gia Team, comprised of four undergraduate Commerce students on RMIT's Saigon South campus – Nguyen Viet Hung, Nguyen Ngoc Dai Nghia, Thai Quoc Kim and Pham Thi Ngoc Hieu – was awarded the LiTMUS Group Environmental Sustainability Award (AUD$10,000) and Judges Award for Outstanding Achievement (AUD$1,000)at an awards ceremony in Melbourne, Australia, last week.
Team Leader Nguyen Viet Hung said it was a once in a lifetime experience to be at the final stage of the competition, pitching their idea in front of a panel of seven industry judges.
"We are thrilled at the opportunity to contribute our environmental concept into global emerging issues and get recognition in such a prestigious business competition," said Hung.
Now in its 10th year, the annual RMIT Business Plan Competition is open to all RMIT students worldwide and encourages budding entrepreneurs to develop competitive business plans for original business ideas. There are 116 teams entering the competition and a total of AUD$92,000 in prizes is awarded this year.
Of the 17 teams from RMIT Vietnam that entered Round One, 10 teams progressed to Round Two and three teams: Nguyen Gia, OnlineViet and Meta Intelligence Machine, made it to the final pitching that was held in Melbourne in late September.
Last year, RMIT Vietnam had success in the Business Plan Competition, with a 3rd Place from a team from the EMBA Program in Hanoi campus for their Sunshine School and received a AUD$5,000 prize.
This year, all three final teams were formed by undergraduates, so their awards are particularly significant. The three teams study at the Saigon South campus.
RMIT Vietnam President Professor Merilyn Liddell said: "The strong performance of these students in competition with Australian postgraduate teams is testament to the quality of education at RMIT Vietnam, and the entrepreneurial ability and commitment of the students themselves."
The following prizes were awarded to the three finalist teams from Vietnam:
The LiTMUS Group Environmental Sustainability Award ($10,000) and Judges Award for Outstanding Achievement ($1,000) – Nguyen Gia, which aims to build a new anti-plastic trend in Vietnam by creating original, fashionable and eco-friendly bags from recycled paper and organic cotton. Team Leader is Nguyen Viet Hung, a Bachelor of Commerce student at RMIT Vietnam, of Ho Chi Minh City.
OnlineViet and Meta Intelligence Machine were two of the six other finalists who also received AUD$1,000 Judges Awards for Outstanding Achievement, with all winning teams sharing in AUD$20,000 of professional legal services from Lewis Holdway Lawyers.
OnlineViet aims to introduce a 3D-based virtual tourism company to Vietnam. The product allows interactive information between tourism-providers and potential tourists, by providing relevant and reliable tourist information in an innovative online platform.
Meta Intelligence Machine's business plan proposes a pioneering invention, Meta-Intelligence Medicine Machine (M3) - an Automated Healthcare Station, with unique capabilities of Drugs Storage & Preservation, Drugs selling (with/without prescription), Diagnosis Googlisation and Healthcare Performance Analysis. M3 guarantees user simplicity, security and environmental sustainability.