USAID funds project to improve private sector competitiveness in Vietnam hinh anh 1At the launching ceremony for the project (Photo: VNA)

Hanoi (VNA) – 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).

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 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 Vietnam” products, services, and technologies, as well as solutions that contribute to improving the business enabling environment.

It aims to support 5,000 SGBs, with 240 businesses successfully participating in domestic, regional and international markets.

USAID/Vietnam Mission Director Ann Marie Yastishock said the launch of the project reiterates the US Government’s commitment to helping Vietnam strengthen its economic competitiveness, materialise its socio-economic development strategy for 2021-2030, and promote sustainable growth of the SGBs.

The two sides have coordinated closely and effectively, she said, promising that the USAID will continue to pay adequate attention to private businesses and stands ready to meet the needs of the sector. 

Private businesses account for 40 percent of Vietnam’s GDP and employ 85 percent of labourers nationwide. 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./.