US, Vietnam sign US$42 million deal to enhance Vietnam’s economic competitiveness

The agreement is expected to enhance Vietnam’s economic competitiveness through strengthening the competitiveness of the private sector and promoting innovation, startup ecosystems and human capital.

USAID said that its technical assistance activities under the deal will help improve 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 deal is also expected to further promote entrepreneurship, connect Vietnamese startups with corporations, investment funds and other support organisations in the international innovation and startup ecosystem while strengthening the high quality human resources needed for a strong and knowledge-based economy.

US Ambassador to Vietnam Daniel J. Kritenbrink said that “This agreement reflects the US’ 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.”