In August 2026, Beacon Fund signed investment agreements with two Vietnamese companies owned and led by women: GPS PLAS, which manufactures eco-friendly plastic solutions, and Nina Group, which operates Nina Ecom Center (NEC), an integrated Online to Offline (O2O) Commerce Growth Ecosystem connecting brands, creators, platforms and consumers. These are the second and third investments under Beacon Fund’s partnership with the Australian Government, through Investing in Women’s Innovation Window.
While these businesses operate in seemingly completely different sectors, they have more in common than one might initially think: both sectors are at an inflection point and GPS PLAS and Nina Group are well-positioned to capture that growth. At the same time, both face constraints in terms of access to finance. How much they can borrow from traditional capital providers is primarily determined by the assets they can pledge rather than by how the business is performing. Beacon Fund lends over the medium term without requiring real-estate collateral, and the Innovation Window exists to make funds available to small and medium enterprises (SMEs) owned and led by women.
Each of these investments carries an impact-linked incentive. Alongside its financial targets, each company has agreed to meet a social impact target, and meeting these targets reduces the interest rate for the remaining term of the loan.
GPS PLAS: a deadline the whole industry has to meet
GPS PLAS has manufactured bioplastics in Vietnam since 2017. Most Vietnamese packaging firms import resin and convert it into products. GPS PLAS is vertically integrated: it compounds its own modified resins, then blows the film, prints and finishes the products in the same factory – which it says gives it better control over cost and quality.
It sells three lines: CompoFlex for the compostable family; BioFlex for the biobased and biodegradable; and ReFlex made of GRS recycled plastic. GPS PLAS holds the two Vietnam Ecolabels awarded by the Ministry of Agriculture and Environment for the compostable and recycled plastic categories – something only a few manufacturers can claim. In addition, GPS PLAS is active in the export markets with full compliance to international standards and certifications.
1 January 2026 was a landmark day for the plastics industry in Vietnam. From that date, Vietnam banned the manufacturing and importation of small, ultra-thin non-biodegradable single-use plastic bags and mandated the use of environmentally-friendly bags manufactured under its two Ecolabels. This shift impacts directly all supermarkets and retailers marking the first steps in the planned phase-out of single-use plastics by 2030. Manufacturers have to adapt, and GPS PLAS estimates that domestic capacity for compliant material covers less than a third of expected demand. Beacon Fund’s investment funds additional equipment to expand the manufacturing facility and increase output.
Photo: Representatives from Beacon Fund and GPS PLAS at the investment signing ceremony
Ms. Thai Nhu Hang, Co-founder & CEO of GPS PLAS, said, “Over the last four years, we’ve doubled in size annually by proving that proactive sustainability makes commercial sense before regulations even kick in. This new investment gives us the runway to scale exponentially, powering Vietnam’s circular economy and helping industry leaders navigate the new 2026 plastic regulations.”
Nina Group: scaling an integrated O2O Commerce Growth Ecosystem in Vietnam
Vietnam’s social commerce market is entering a new phase in which content, creators, livestream, affiliate commerce, e-commerce operations and offline experiences are increasingly converging. Vietnamese e-commerce grew 25.5 per cent in 2025 to around USD 31 billion, about a tenth of total retail sales, according to the Ministry of Industry and Trade.
Founded in 2022 by Ms. Nguyen Thi Truc Phuong (Nina Nguyen) with a single 50-square-metre studio, Nina Group has since grown into a network of more than 5,000 square metres of livestream studio and production infrastructure. Through Nina Ecom Center (NEC), the company is building an integrated O2O Commerce Growth Ecosystem designed to reduce the fragmentation brands often face across content, creators and commerce operations. NEC brings livestream, content creators, events, e-commerce store operations, short-form video and creator training into one ecosystem. The company employs close to 100 people, draws on a network of more than 10,000 creators, and has worked with more than 300 brands and partners.
Beacon Fund’s investment funds capital expenditure for the NEC’s new physical hub and working capital for an e-commerce solutions rollout. It will support NEC’s shift from project-based services towards a more scalable O2O Commerce Growth Ecosystem: standardising processes and data systems, expanding the NEC network, deepening its creator ecosystem and specialised creator communities, and developing services with more recurring revenue. Nina Group aims to develop a network of ten Nina Ecom Centers by 2030.
Photo: Representatives from Beacon Fund and Nina Group at the investment signing ceremony
Ms. Nina Nguyen, Founder & CEO of Nina Group, said, “For Nina Ecom Center, this investment comes at an important transition point. We spent the first stage of our journey proving the model through real projects; the next stage is about turning that operating experience into systems, products and a network that can scale. Our ambition is not simply to do more projects, but to build an O2O Commerce Growth Ecosystem where brands and creators can grow together.”
“As a woman founder, I also value what this partnership represents. Supporting women entrepreneurs is not about lowering investment standards; it is about creating fairer access to capital so capable businesses can be assessed on the strength of their model, execution and long-term potential. I hope more Vietnamese women founders see that they can build strong, transparent businesses that are ready to access international capital on their own merits.”
As NEC grows as a Strategic O2O Commerce Partner, responsible marketing and content governance will form part of the operating standards required for sustainable growth. The investment’s impact-linked target therefore focuses on responsible marketing. Nina Group already runs training for livestream hosts with the Authority of Broadcasting and Electronic Information. Under the impact-linked structure, the company will further formalise an auditable responsible-marketing system covering client screening and livestream content controls, with achievement of the agreed impact milestones qualifying the company for an interest-rate reduction.
Shuyin Tang, Co-founder & CEO of Beacon Fund, said, “From Day 1, Beacon has focused on private debt solutions for high-potential SMEs at critical inflection points in their growth trajectories. Thanks to the Innovation Window, we are able to invest at an earlier stage, where the access to finance gap is typically most acute. We’re so excited to announce our investment in two companies in completely different sectors, but with the same pioneering spirit: the founders of GPS PLAS and Nina Group are leaders in their fields and have the ability to see where the future is headed before everyone else.”
Through Investing in Women’s Innovation Window, Australia partners with Beacon Fund to expand access to finance for women-owned and women-led businesses, particularly those that continue to face barriers to accessing conventional sources of capital, including through bank lending. “There is strong evidence that investing in women-led businesses drives innovation and inclusive economic growth in the region while delivering commercial returns,” said Kate Wallace, Australia’s Consul-General in Ho Chi Minh City. “We are pleased to support Beacon Fund as it develops financial products that unlock this underserved market opportunity, enabling women-led businesses to grow, scale and contribute to the region’s prosperity.”
