At the signing ceremony of the MoU. Photo: US Embassy in Hanoi

The activity comes as part of the new Vietnam – US Comprehensive Strategic Partnership announced during US President Joseph Biden’s visit to Vietnam last month.

“During his recent visit, President Biden emphasized the United States’ commitment to support Vietnam to compete in a digital global economy,” said USAID/Vietnam Mission Director Grubbs.

“We are pleased to sign an MoU with MoIT. 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.”

USAID’s three-year activity, called Vietnam Digital Trade, supports MoIT’s implementation of policy frameworks that facilitate digital trade, in consultation with the private sector, according to a media release by the US Embassy in Hanoi.

Regulations that are responsive to private sector needs remove trade bottlenecks and increase regulatory transparency, helping to shape an e-commerce sector where enterprises of all sizes can benefit.

In addition, the activity encourages small and medium enterprise participation in digital trade by introducing new business models and other best practices, such as traceability of goods, as well as facilitating cross-border connections between enterprises via MOIT’s digital trade promotion platform, called DECOBIZ.

Deputy Minister of Industry and Trade Phan Thi Thang (L) and USAID's Mission Director for Vietnam Aler Grubbs at the signing ceremony. Photo: The Ministry of Industry and Trade

The project supports business associations such as the Vietnam Chamber of Commerce and Industry and Vietnam E-commerce Association to promote digital trade across the country. The project works through MoIT and business associations to target female-owned enterprises and minority communities in support of inclusive economic growth.

USAID’s Vietnam Digital Trade activity advances the US Indo-Pacific Economic Framework for Prosperity, under which Vietnam and the US partner to harness innovation and pursue high-standard rules of the road in the digital economy to drive continued growth. This activity was built on the US’ successful partnership with Vietnam over the past two decades facilitating increased trade and improving the business enabling environment.

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

Promoting digital transformation and digitalizing trade activity will help expand new growth space, facilitate cross-border trade activities and help Vietnam maintain and improve its export competitiveness in the time to come, Thang said, as cited by VietnamPlus.

The development of digital trade will also contribute to realizing Vietnam's sustainable and inclusive development goals because digital transformation will contribute to consuming less resources and make it easier for businesses and people to access all development resources, she added./.

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