(MPI) - On the occasion of the Vietnamese Entrepreneurs’ Day, the Ministry of Planning and Investment in collaboration with the United States Agency for International Development (USAID) held a forum on pioneering entrepreneurial spirit, fostering a sustainable Vietnam on October 13.

The forum encourages enterprises, especially small and medium-sized ones (SMEs), to raise their competitiveness in the international market in order to reinforce internal capacity of the economy, towards inclusive and sustainable development.

The event also acknowledged the joint efforts of the MPI and USAID in promoting “Made by Vietnam” products, improving competitiveness and fostering business sustainability. The results will the business community to promote innovation and self-reliance.

Deputy Minister Tran Duy Dong speaks at the event. Photo: MPI

MPI Deputy Minister Tran Duy Dong emphasised that pioneering enterprises are core and driving force that create changes in several sector of the economy now and in the future. They will spread pioneering spirit and pride of Vietnamese people on the path of bring “made by Vietnam” products to the international market.

The deputy minister hailed efforts of the business community in actively adapting to trends and taking the lead in investment, technological innovation, green transition, environmental protection, and climate change response, contributing positively to Vietnam’s realisation of sustainable development goals and commitment to achieving net-zero carbon emissions by 2050.

These are new economic sectors that will create new values and new drivers for economic growth, he said.

In addition, the Environmental-Social-Governance (ESG) standards are applied the private economic sector, and various businesses and cooperatives are consulted to apply green and circular economy models towards sustainable and inclusive development.

Aler Grubbs, USAID Mission Director for Vietnam said Vietnam owns abundant entrepreneurs and pioneering innovative enterprises. The USAID’s Improving Private Sector Competitiveness (IPSC) project has received more than 600 enterprises applying, of which 22 were selected to receive a support package valued at up to 150,000 USD depending on the size, needs, capacity, and commitment of each enterprise.

The technical support for pioneering enterprises will focus on building business strategies (including positioning business’s image in the international market), researching  target markets, promoting Vietnamese products and accelerating digital transformation for businesses.

Grubbs stated that USAID is committed to closely coordinating with the MPI and relevant agencies to promoting economic growth and enhancing the competitiveness of the private sector in Vietnam.

Through the collaboration with the ministry to support Vietnamese enterprises promoting sustainable business and ESG practices, USAID will help them improve competitiveness, achieve long-term development goals, meet international standards, deeply engage in global value chains approach innovation, and respond to climate change to build a sustainable and prosperous Vietnam.

Top 3 winners of 2023 Vietnam ESG Initiative. Photo: MPI

Businesses and experts at the event discussed benefits for enterprises to take the lead in developing domestic supply chains and sustainable development, and shared practical experiences in sustainable business practices of pioneering enterprises, thereby contributing to enhancing the competitive capabilities of the private sector and the whole economy.

The ten enterprises were honoured with the best ESG initiative to receive technical assistance and in-depth advice to enhance their capacity and understanding of ESG and other sustainable business models so that they can finalise implementation plan.

The three best performing businesses in the Vietnam ESG Initiative 2023 were also announced, and they will receive a support package valued up to 2 billion VND to pilot, carry out, or expand their sustainable business initiatives./.

Bao Linh

Ministry of Planning and Investment