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USAID launches US$36 million project to improve competitiveness of Vietnamese private firms

VGP - The US Agency for International Development (USAID) and the Ministry of Planning and Investment (MPI) launched a US$36 million project focused on building the competitiveness of private firms on January 18 in Ha Noi.

01/19/2022 16:06
USAID launches US$36 million project to improve competitiveness of Vietnamese private firms - Ảnh 1.

The launching of the Improving Private Sector Competitiveness project, Ha Noi, January 18, 2021 - Photo: Bao Cong Thuong

USAID’s new Improving Private Sector Competitiveness project will encourage broad-based, inclusive economic growth through improved business practices, innovation and technology adoption, policy reform, and increased market access. 

This project will foster locally-led, locally-owned solutions that leverage the strength of the Vietnamese talent pool, including the promotion of “Made by Viet Nam” products, services, and technologies, as well as solutions that contribute to improving the business enabling environment. 

Specifically, the project aims to support 5,000 small and growing businesses, with 240 businesses successfully participating in domestic, regional, and international markets and 60 pioneering these businesses successfully creating value-added products and positioning their “Made by Viet Nam” brands in regional and global markets.

The five-year project was first announced during US Vice President Kamala Harris’ visit to Viet Nam in August 2021.  The project will be implemented in cooperation with MPI’s Agency for Enterprise Development.

The private sector has developed over the past three decades and played an important role in the socio-economic development, said Mr. Le Manh Hung Director General of Enterprise Development Agency. Small and growing businesses accountsfor 40% of GDP and attracts about 85% of the national labor force. 

However, these businesses face barriers and constraints impeding their continued and sustained growth, including new technologies, networking, market linkages, and lack of access to management training and skills-building opportunities./.