(MPI) - Deputy Minister Tran Quoc Phuong met with Assistant Administrator for Asia of the United States Agency for International Development (USAID) Michael Schiffer in Hanoi on November 22.
At the meeting. Photo: MPI
Deputy Minister Phuong expressed his delight at the close and effective cooperation of the USAID and the US. Embassy in Vietnam with the Vietnamese in general, and the Ministry of Planning and Investment (MPI) in particular. The USAID have assisted Vietnam to promote the private sector and small and medium sized enterprises (SMEs), enhance economic governance capacity, and boost innovation.
The deputy minister said, business force, particularly private ones play an important role in the sustainable development of the economy. Vietnam also has several priority areas to support the private sector and SMEs, focusing on digital transformation, green economy and circular economy. However, with limitation in economic scale and international integration, Vietnam hopes development partners create favorable conditions for Vietnamese businesses to participate in the global value chain.
One of effective solutions is to further strengthen the linkages between FDI and domestic enterprises for mutual support and development. Deputy Minister Phuong pleased to see that more and more US firms, especially large ones, investing in Vietnam, and expected the USAID act as a catalyst to connect businesses of the two countries.
He noted some difficulties and challenges faced by SMEs, and cooperation priorities between the USAID and the MPI to support those businesses. Vietnam gives priority to promoting businesses’ participation in global value chain; strengthening the resilience and internal capacity to external shocks; perfecting a synchronous and unified legal system, creating conditions for enterprises in accordance with the law and international practices.
For his part, Schiffer agreed with Phuong’s proposals and expressed his belief at the US-Vietnam relations will be further deepened. He thanked the MPI for their coordination to bolster the Vietnam-US, and the USAID-MPI relationship over the past time.
Schiffer noted, improving private sector’ competitiveness and innovation is considered as one of USAID’s key activities. The Environmental, Social, and Governance (ESG) initiative, which is announced on the same day, is a key project of the USAID for Vietnam, aiming to contribute to Vietnam’s prosperity and enhance the economic and trade cooperation between Vietnam and the US.
The two sides expressed their pleasure at the cooperation outcomes, particularly in improving the competitiveness of private enterprises, innovation and building market capacity. They also exchanged views on priorities for cooperation, and agreed to boost their close cooperation with a view to effectively implementing proposed projects and bringing the highest efficiency. The reached consensus on measures to support private enterprises, SMEs, innovation, and to improve governance capacity./.
Ministry of Planning and Investment