In a significant step towards enhancing economic ties between the United States and Việt Nam, the United States Mission to Việt Nam, in collaboration with the Ministry of Industry and Trade (MoIT), has officially launched the Việt Nam Digital Trade program.
Supported by the United States Agency for International Development (USAID), this $3.25 million initiative aims to foster digital trade and innovation in Việt Nam.
This groundbreaking initiative follows the announcement of the new US-Việt Nam Comprehensive Strategic Partnership, made during the visit of US President Joseph Biden to Việt Nam last month. President Biden’s visit emphasized the United States’ commitment to aiding Việt Nam in competing in the global digital economy.
Aler Grubbs, the Mission Director of USAID/Việt Nam, expressed his satisfaction at the signing of the Memorandum of Understanding (MoU) with MoIT, stating:
This new digital trade activity led by USAID and MoIT is our first to be launched under our two countries’ newly upgraded partnership and will go a long way toward unleashing the potential of digital trade to form a key driver of the country’s continued growth.
The Việt Nam Digital Trade program, spanning three years, will actively support MoIT in implementing policy frameworks that facilitate digital trade. Importantly, these policy frameworks will be developed in consultation with the private sector, ensuring that they are responsive to their needs.
This approach is expected to eliminate trade bottlenecks and enhance regulatory transparency, making it easier for enterprises of all sizes to participate in the burgeoning e-commerce sector.
One of the key focuses of the initiative is to encourage the participation of small and medium-sized enterprises (SMEs) in digital trade.
This will be achieved through the introduction of new business models and best practices, such as traceability of goods. Additionally, the program will facilitate cross-border connections between enterprises via MoIT’s digital trade promotion platform, DECOBIZ.
To ensure the inclusivity of economic growth, the Việt Nam Digital Trade program will work with business associations like the Vietnam Chamber of Commerce and Industry and the Việt Nam E-commerce Association.
Special attention will be given to supporting female-owned enterprises and minority communities, promoting inclusive economic growth across the nation.
This initiative aligns with the US Indo-Pacific Economic Framework for Prosperity, where Việt Nam and the United States are collaborating to harness innovation and establish high-standard rules for the digital economy.
It builds upon the successful partnership between the two countries over the past two decades, facilitating increased trade and improving the business environment.
With the Việt Nam Digital Trade program, the United States is reaffirming its commitment to enhancing Việt Nam’s digital trade capabilities, ensuring that the country remains competitive in the rapidly evolving global economy.
This partnership is expected to have a profound and positive impact on Việt Nam’s economic growth and development.