Vietnam and the United States launch digital trade activities worth US$ 3.25 million

On October 13, the U.S. Diplomatic Mission in Vietnam and the Ministry of Industry and Trade launched a US$ 3.25 million activity funded by the United States Agency for International Development (USAID) to promote digital trade through the signing of a memorandum of understanding between USAID and the Ministry of Industry and Trade.

"Vietnam Digital Trade Activity" is part of the Comprehensive Strategic Partnership announced during U.S. President Joe Biden's visit to Vietnam last September.

"During his recent visit to Vietnam, President Biden emphasized the United States' commitment to supporting Vietnam to improve its competitiveness in the global digital economy," said Aler Grubbs, USAID's Mission Director for Vietnam.

"We are pleased to sign a memorandum of understanding with the Ministry of Industry and Trade on implementing this activity. This new activity, jointly implemented by USAID and the Ministry of Industry and Trade, is the first activity implemented within the framework of the new partnership that has been raised between the two countries and has important significance in contributing to unlocking the potential of digital trade to become a main driving force for the country's continued growth," said Aler Grubbs.

With support from USAID, the Vietnam Digital Trade Activity will be implemented over three years to support the Ministry of Industry and Trade in implementing policy frameworks to facilitate digital trade with input from the private region.

Regulations that meet the needs of the private sector will remove trade bottlenecks and increase policy transparency, thereby helping to create an e-commerce industry where businesses of all sizes and all tissues can benefit.

In addition, this activity encourages SMEs to engage in digital commerce by introducing new business models and best practices, such as traceability of goods, and creating Conditions for cross-border business connections through the DECOBIZ digital trade promotion platform of the Ministry of Industry and Trade.

Deputy Minister of Industry and Trade Phan Thi Thang affirmed that promoting digital trade activities is a specific measure to implement the Party's policy of "fast and sustainable development based mainly on science and technology, innovation and creativity digital transformation."

At the same time, the implementation of digital transformation and digitization of trade activities will continue to expand new growth space, facilitate cross-border trade activities, and help Vietnam maintain and improve export competitiveness in the coming time. The development of digital commerce will also contribute to achieving Vietnam's sustainable and inclusive development goals because digital transformation will consume fewer resources and create more convenience for all businesses and people. Everyone can access all development resources so that no one is left behind.

According to the Memorandum of Understanding signed between the two Parties, the Ministry of Industry and Trade and USAID cooperate, but not limited to, supporting the Ministry of Industry and Trade to implement programs and plans on digital transformation and e-commerce development, applying information technology and digital transformation in trade promotion; promoting public-private dialogue to facilitate the private sector's participation and contribution to the process of building a policy and legal framework on digital commerce; and increasing the application of digital commerce platforms, including digital commerce promotion ecosystems, ensuring network safety and security following Vietnamese law.

In addition, this activity is expected to support the Ministry of Industry and Trade in introducing strategies and systems for market access, trade promotion, traceability, market connection... to create favorable conditions for businesses while supporting capacity building for agencies under the Ministry; Support the comprehensive development of enterprises under Vietnam's socio-economic development goals.

This activity also supports the Vietnam Confederation of Commerce and Industry (VCCI) and the Vietnam E-Commerce Association (VECOM) to promote digital commerce nationwide.

This activity is carried out through the Ministry of Industry and Trade and business associations to target businesses owned by women and minority communities to promote inclusive economic growth.

Vietnam Digital Trade promotes the U.S. Indo-Pacific Economic Framework for Prosperity (IPEF), in which Vietnam and the US work together to leverage the power of innovation and Pursue high standards of the digital economy to promote continued growth.

This activity builds on the successful U.S. partnership with Vietnam over the past two decades to promote trade and improve the business environment.