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Wednesday, February 1 2023
Tiếng Việt
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Date 22/11/2022-15:08:00 PM
Promoting private sector-driven sustainable growth
(MPI) - The Ministry of Planning and Investment (MPI) in collaboration with the United States Agency for International Development (USAID) on November 22 organised a forum “Promoting private sector-driven sustainable growth”. The forum is attended by MPI Deputy Minister Tran Quoc Phuong, USAID Assistant Administrator for Asia Michael Schiffer, Deputy Chief of Mission for the U.S. Mission in Vietnam Melissa Bishop and USAID’s Mission Director for Vietnam Aler Grubbs.
MPI Deputy Minister Tran Quoc Phuong speaks at the event. Photo: MPI

Speaking at the event, MPI Deputy Minister highlighted the Vietnam-US diplomatic ties with several important milestones. The US became a comprehensive strategic partner of ASEAN for the first time in 2022, and will celebrate the 10th anniversary of comprehensive partnership with Vietnam in 2023.

The deputy minister spoke highly of USAID’s cooperation with the MPI to spur private sector-driven sustainable growth over the past time. The USAID, the US Embassy in Vietnam as well as relevant ministries, sectors, localities and business association has actively promoted the bilateral relations between Vietnamese and the US governments, towards a sustainable development.

He cited, Vietnam counted more than 878,600 operational enterprises after 10 years, an increase of 2.7 times compared to the number of 324,700 firms at the end of 2011. The whole country currently has approximately 15.3 thousand communes and 5.2 million business households (about 1.6 million of those have tax codes). This economic sector continues to maintain a good growth rate, accounting for 40% of the country’s GDP and attracting 85% of the economy’s labour force. They make an important contribution in mobilising social resources for investment, business production, economic growth, economic restructuring; increasing income, state budget; creating jobs, improving people’s livelihood and ensuring social security.

The lauching of ESG initiative. Photo: MPI

USAID Assistant Administrator Schiffer said, the USAID pledged to help Vietnam enhance its competitiveness, human resources and technology development as well as support the sustainable growth of small and medium sized enterprises. These business’s practical activities contribute essentially to promoting sustainable development and further enhancing participation in the global green supply chain.

The USAID will provide assistance through renewable and green energy technology, and help sustainable growth and market-shaping of Vietnam’s SMEs. With the efforts and companionship of the MPI, together we can help SMEs develop sustainably, Schiffer stressed.

At the event, a new initiative for the 2023-2025 period is announced to spur private sector-driven sustainable and inclusive growth across Vietnam, known as Environmental, Social, and Governance (ESG) standards. This initiative will be the basis for finding good ideas and aspirating stories, forming models, creating spillover effects and encouraging many businesses to actively apply this practice, towards a more sustainable economy.

ESG focuses on improving the legal framework for promoting the adoption of ESG practices in the private sector; motivating the business community to do sustainable business; building capacity for ESG implementation in private sector; developing a network of partners to spread and reinforce sustainable business practices.

ESG will raise awareness for 100 thousand small and growing businesses (SGBs) about ESG; deliver ESG technical assistance packages to 300 businesses to meet the requirements of sustainable development of key export markets, and to develop an inclusive business model and green production; and 10 will receive additional assistance to pilot, implement or scale their innovative ESG business concepts with the technical support package of 6 billion VND./.

Bao Linh
Ministry of Planning and Investment

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