US and Vietnam launch new initiative to promote digital trade

The U.S. Mission to Vietnam and the Ministry of Industry and Trade launched a $3.25 million project 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 today, October 13.

Dubbed the “Vietnam Digital Trade Activity,” the activity is part of the Comprehensive Strategic Partnership announced during US President Joe Biden’s visit to Vietnam last September.

Signing ceremony of the Memorandum of Understanding on Digital Commerce Activities in Vietnam. Photo: Internet

Speaking at the signing ceremony, Ms. Aler Grubbs, USAID Vietnam Mission Director, said: During his recent visit to Vietnam, President Biden emphasized the United States’ commitment to supporting Vietnam in improving its competitiveness in the global digital economy . This new activity, jointly implemented by USAID and the Ministry of Industry and Trade, is the first activity to be implemented under the newly upgraded partnership between the two countries and is of great significance in contributing to unlocking the potential of digital trade to become a key driver for the country’s continued growth.

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 promote digital trade, with input from the private sector.

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

In addition, this activity encourages small and medium-sized enterprises to participate in digital trade by introducing new business models and best practices, such as traceability of goods, as well as facilitating cross-border connections between enterprises through the Ministry of Industry and Trade's DECOBIZ digital trade promotion platform.

At the same time, this activity also supports the Vietnam Federation of Commerce and Industry (VCCI) and the Vietnam E-commerce Association (VECOM) to promote digital commerce nationwide. The activity is implemented through the Ministry of Industry and Trade and business associations with the aim of targeting women-owned enterprises and minority communities to support the promotion of inclusive economic growth.

The Vietnam Digital Trade Activity advances the U.S. Indo-Pacific Economic Framework for Prosperity (IPEF), in which Vietnam and the United States work together to harness the power of innovation and pursue high-standard digital economy rules 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./.

Thu Hang