The Ministry of Planning and Investment and the United States Agency for International Development (USAID) launch a project on improving the private sector competitiveness. (Photo: VN)

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.

Le Manh Hung, Director General of the Enterprise Development Agency, said: “We highly appreciate the project to enhance the competitiveness of the private sector. This will be a valuable, timely resource to help implement the guidelines and policies of the Party, State and Government of Vietnam for the development of the private economy, especially when we have to deal with the COVID-19 pandemic."

"We aim to accomplish four big goals. First is to strengthen strategic management capacity for growing businesses. Second is to improve efficiency and increase productivity for these enterprises through promoting innovation, applying science and technology, and encouraging sustainable business models. Third is to continue to improve the business investment environment and create favorable conditions for enterprises to develop. And finally, promoting industry linkages,” he said. 

The project aims to provide technical and financial support to 5,000 growing small businesses, helping them improve their productivity; support 240 businesses to enter regional and international markets, successfully positioning Vietnamese branded products. In addition, the Ministry of Planning and Investment and USAID will also help about 60 pioneering businesses receive comprehensive and specialized packages to create products with added value and Vietnamese wisdom.