USAID and MPI support pioneering enterprises and promote sustainability

MPI Deputy Minister Tran Duy Dong

The event helps Vietnamese enterprises, including SMEs, to compete in international markets and strengthen the Vietnamese economy towards inclusive and sustainable development.

The event also acknowledged the joint efforts by MPI and USAID to promote "Made by Vietnam" products, improve competitiveness and promote business sustainability. The results of these efforts will inspire the business community to promote innovation and self-reliance and create spillover effects for the economy.

The event was attended by Tran Duy Dong, MPI Deputy Minister, Aler Grubbs, USAID/Vietnam mission director, and more than 150 delegates representing ministries and localities in the northern region, associations, enterprises, international organisations, investment funds, financial institutions, experts, and media outlets.

“Pioneering enterprises are the core group that drives changes in different sectors of the economy now and in the future. They will be champions of change, inspiring the pioneering spirit and promoting the pride of Vietnamese people in the path of bringing "Made by Vietnam” products to the international market,” Dong said.

To compete in the global economy, Vietnam must adapt to the new standards and move towards sustainability and inclusiveness. Over the past two years, USAID's IPSC project has collaborated with MPI to support pioneering enterprises to adopt Environmental, Social, and Governance (ESG) standards.

More than 600 pioneering enterprises submitted applications to receive technical assistance, of which 22 were selected to receive a support package valued at up to $150,000 depending on the size, needs, capacity, and commitment of each enterprise. The support will focus on developing business strategies, penetrating target markets, promoting Vietnamese products, and accelerating enterprises’ digital transformation.

MPI and USAID launched the 2023 Vietnam ESG Initiative in November 2022 to promote the adoption of ESG standards. The ESG Initiative attracted almost 150 applications from enterprises, cooperatives, and household businesses.

The top 10 finalists with the best initiatives were selected and provided with one-on-one intensive capacity building to improve their understanding and adoption of ESG practices and other sustainable business models, helping them develop their ESG action plans. The top three winners announced at the event will receive in-depth consultation and technical support valued up to VND2 billion ($84,400) to pilot and scale up their sustainable business practices.

22 firms were selected to receive a support package valued at up to $150,000

"USAID is committed to Vietnam’s economic growth and competitiveness. Our joint efforts with MPI to accelerate corporate sustainability and the adoption of ESG practices will help companies in Vietnam improve competitiveness, achieve long-term growth, rise to international operating standards, and facilitate entering and moving up in global value chains, which supports the country’s prosperous and sustainable development,” said Grubbs.

At the event, businesses and experts also discussed the momentum and benefits for enterprises to take the lead in developing domestic supply chains and sustainable development, as a result, contributing to enhancing the competitiveness of the private sector and the economy as a whole.

In the future, business support activities delivered by MPI and the USAID IPSC project will continue focusing on promoting the pioneering spirit among the private sector, further enhancing their competitiveness, and creating a strong foundation for long-term development to better meet international standards and integrate into global supply chains.

USAID IPSC Project connects Vietnamese enterprises with e-commerce giants Representatives from leading e-commerce platforms, such as Amazon Global Selling and Shopee, shared best practices and key factors for success on e-commerce marketplaces at a recent business matchmaking event held by USAID IPSC.

Hundreds of businesses to receive support from USAID IPSC Project Opening for registration since January 18, the Vietnam Private Sector Competitiveness Enhancement Project (USAID IPSC) received more than 600 applications from businesses, cooperatives, and business households.

USAID IPSC opens third intake of applications for technical assistance Starting from July 1, Vietnamese enterprises can register for the third intake of applications to receive technical assistance support packages offered by the USAID Improving Private Sector Competitiveness Project (USAID IPSC).