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Saturday, December 3 2022
Tiếng Việt
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Date 18/01/2022-18:12:00 PM
Launch of the Improving Private Sector Competitiveness in Vietnam project
(MPI) - On the afternoon of January 18th 2022, the Ministry of Planning and Investment (MPI) and the U.S Agency for International Development (USAID) jointly launched a project on improving the competitiveness of Vietnam’s private sector (IPS-C). The five-year project (2021-2025) is funded by USAID with a budget of USD 36 million.
Lauch of the IPS-C project. Photo: MPI

With strong institutional and policy reforms and innovations of the Party and the State, Vietnam’s private economic sector has advanced in both quantity and quality over the past three decades, increasingly asserted its crucial role in the socio-economic development of the country.

The economic private sector continuously maintained a good growth rate. It accounts for approximately 40% of GDP and attracts 85% laborers nationwide, being an essential factor to mobilize social resources for investment, production and business development, economic growth, economic restructuring and increase state budget revenue, create jobs, improve people’s livelihood and ensure social security.

However, the competitiveness of Vietnam’s private economic sector, especially businesses in this area are still facing barriers, such as limitation in the scale of the enterprise and in scientific and technological capacity.

Photo: MPI

With the goals to effectively foster the development policies of private sector and contribute to enhancing the competitiveness of Vietnam’s small and growing enterprises (SGBs), including enterprises owned by women and disadvantaged groups, the Ministry of Planning and Investment has approved the project to improve Vietnam’s private sector competitiveness (IPS-C), funded by USAID, deploying support packages to strengthen management capacity, develop business’ development strategies, apply new technologies and access markets.

The project aims to provide technical and financial support for 5,000 SGBs to enhance their productivities, with 240 businesses successfully participating in domestic and international markets to successfully position Vietnamese products.

Besides, 60 pioneering ones will receive multiple comprehensive and specialized support packages to create value-added products and position their “Made by Vietnam” brands.

Enterprise Development Agency, under the Ministry of Planning and Investment is the project’s leading agency, which coordinates with USAID, contractor Deloitte and relevant ministries, sectors, localities and business association to ensure effective support activities to appropriate subjects.

Businesses register to participate in the project in here./.

Bao Linh
Ministry of Planning and Investment

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