Thai business students will join a competition to develop the best green business plan as part of a move to promote social and environmental awareness among young entrepreneurs.

Three business teams from leading Thai universities are among 12 finalists from eight countries in Southeast Asia.

The other participating countries are Indonesia, the Philippines, Malaysia, Cambodia, Laos, Vietnam and Singapore.

Two winning teams from the Global Social Venture Competition (GSVC) for Southeast Asia will represent the region at the finals at the University of California at Berkeley.

The GSVC is the biggest global competition to promote entrepreneurial start-ups that focus on measurable social and environmental benefits while still providing excellent financial returns.

The competition, which is to be held on March 18 in Bangkok, is hosted by Thammasat Business School in partnership with UC Berkeley.

Assoc Prof Gasinee Witoonchart said social enterprises and other triple bottom line businesses, which try to create financial profits as well as social and environmental impact, are considered the future of doing business.

For example, a team from Thammasat University will present a business model for a natural fertiliser additive that will help farmers reduce the use of chemical fertilisers and pesticides.

A team from Nanyang Technological University in Singapore will present a business model to turn plastic into paper. Paper-like products, such as toilet paper, are converted from non-reusable plastic trash and can degrade within weeks in the environment.

Paul Herman, chief executive of HIP Investor Inc and a judge of the GSVC, said many business plans from the competition have become real businesses such as the US-based World of Good, an online marketplace for handicraft workers from around the world.

"You don't have to choose between doing good and making money because you can create both a positive human impact and profit," Mr Herman said.