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A seafood processing line at the Hong Ngoc Seafood Company in the southern province of Phu Yen's Hoa Hiep Industrial Park. The Viet Nam private sector's competitiveness, innovation and start-up system are expected to be enhanced through a $42 million agreement aided by the US (Photo: Vietnamnet)

Today, the United States Agency for International Development (USAID) and Vietnam’s Ministry of Planning and Investment (MPI) virtually signed a $42 million agreement to advance Vietnam’s economic competitiveness, through strengthening private sector competitiveness, innovation and startup ecosystems, and human capital.

This US$42-million agreement was signed on April 15 to advance Viet Nam’s economic competitiveness, through strengthening private sector competitiveness, innovation and startup ecosystems, and human capital.

Accordingly, USAID technical assistance activities under this agreement will enhance the capacity of Vietnamese small and growing businesses, including those led by vulnerable populations, by facilitating access to competitiveness-enhancing technology, business management skills, and capital.

The agreement will also foster greater entrepreneurship; enable deeper linkages of Vietnamese startups to corporations, investment capital, and other supporting organizations in the international innovation and startup ecosystems; and strengthen high-quality human capital needed for a robust knowledge-based economy.

Speaking about the agreement, U.S. Ambassador to Vietnam Daniel J. Kritenbrink said, “This agreement reflects the United States’ continued commitment to support Vietnam’s efforts to become a more open, innovative, and inclusive economy. Through close collaboration with the Government of Vietnam, we can ensure that USAID’s development assistance will meet our two countries’ mutual vision for a prosperous and independent Vietnam.”

The US Ambassador to Vietnam Daniel Kritenbrink - (Photo: Reuters)

“Through close collaboration with the Government of Viet Nam, we can ensure that USAID’s development assistance will meet our two countries’ mutual vision for a prosperous and independent Viet Nam,” the diplomat added.

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