Pioneering enterprises drive changes in different sectors of the economy

Pioneering enterprises are the core group that drives changes in different sectors of the economy now and in the future.

310499 usaid 1 | FDI Việt Nam
Representatives of 22 pioneering enterprises receive MOU agreements.

Theo Vietnamnews


HÀ NỘI — 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, said Trần Duy Đông, deputy minister of Planning and Investment (MPI).

Deputy PM Đông made his statement at a business forum themed “Pioneering the Entrepreneurial Spirit, Fostering a Sustainable Vietnam,” co-hosted in Hà Nội on Friday by the MPI and the United States Agency for International Development (USAID) on the occasion of Việt Nam’s Entrepreneur Day (October 13).

The event, with the participation of more than 150 delegates, aimed to help 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 result of these efforts will inspire the business community to promote innovation and self-reliance and create spillover effects for the economy.

The organising committee awarded a Memorandum of Cooperation Agreement of the Department of Enterprise Development, the Ministry of Planning and Investment, and the USAID Improving Private Sector Competitiveness project with representatives of 22 pioneering enterprises. In addition, 10 businesses were also awarded for their ESG (Environment-Society-Governance) initiatives in Việt Nam in 2023.

As an advisory agency on socio-economic development strategies, the Ministry of Planning and Investment (MPI) plays a crucial role in providing guidance and recommendations to the Government and the Prime Minister. By actively and proactively advising on mechanisms and policies, the MPI aims to promote and support businesses in various ways, said Đông.

Delivering a speech at the event, Director of USAID/Vietnam Mission, Aler Grubbs, said USAID is committed to improving Việt Nam’s economic growth and competitiveness. Their joint efforts with MPI to accelerate corporate sustainability and the adoption of ESG practices will help companies in Việt Nam improve competitiveness, achieve long-term growth, rise to international standards, and facilitate entering and moving up in global value chains, which ultimately supports Việt Nam’s prosperous and sustainable development.

To compete in the global economy, Việt Nam must adapt to the new standards and move towards sustainability and inclusiveness. Over the last two years, USAID’s IPSC project has collaborated with MPI to support pioneering enterprises in adopting 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 US$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 2003 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 on Friday will receive in-depth consultation and technical support valued up to VNĐ2 billion to pilot and scale up their sustainable business practices.

Theo Vietnamnews