USAID funds project to improve private sector competitiveness in Vietnam
The Ministry of Planning and Investment (MPI) and the US Agency for International Development (USAID) on January 18 launched a project on building the competitiveness of Vietnam’s small and growing businesses (SGBs).
At the launching ceremony for the project (Photo: VNA)
Hanoi (VNA) – The Ministry of Planning and Investment (MPI) and the US Agency forInternational Development (USAID) on January 18 launched a project on building thecompetitiveness of Vietnam’s small and growing businesses (SGBs).
Addressing the launch, Le Manh Hung, Director General of the Enterprise Development Agency under the MPI , said the five-year project, with a budget of 36 million USD funded by USAID, will encourage broad-based,inclusive economic growth through improved business practices, innovation andtechnology adoption, policy reform, and increased market access.
This project will foster locally-led, locally-ownedsolutions that leverage the strength of the Vietnamese talent pool, includingthe promotion of “Made by Vietnam” products, services, and technologies, aswell as solutions that contribute to improving the business enabling environment.
It aims to support 5,000 SGBs, with 240 businessessuccessfully participating in domestic, regional and internatio𒀰nal markets.
USAID/Vietnam Mission Director Ann Marie Yastishocksaid the launch of the project reiterates the US Government’s commitment to helping Vietnam strengthenits economic competitiveness, materialise its socio-economic development strategyfor 2021-2030, and promote sustainable growth of the SGBs.
The two sides have coordinated closely andeffectively, she said, promising that the USAID will continue to pay adequateattention to private businesses and stands ready to meet the needs of thesector.
Private businesses account for 40 percent of Vietnam’sGDP and employ 85 percent of labourers nationwide. However, these businessesface barriers and constraints impeding their continued and sustained growth,including new technologies, networking, market linkages, and lack of access tomanagement training and skills building opportunities./.
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At the launching ceremony for the project (Photo: VNA) 
