USAID and Vietnam Announces Initiatives to Promote Digital Trade

The United States Agency for International Development (USAID) and Vietnam's Ministry of Industry and Trade (MOIT) have announced the commencement of a new $3.25 million initiative to promote digital trade in the country. The program is part of the US-Vietnam Comprehensive Strategic Partnership, which was introduced during US President Joseph Biden's visit to Vietnam last month.

Vietnam Digital Trade is a three-year initiative meant to support MOIT in the implementation of policy frameworks that facilitate digital trade, particularly in consultation with the private sector. According to a press release from USAID, the project aims to reduce trade barriers and promote regulatory openness by creating laws that are responsive to private sector demands, ultimately benefiting firms of all sizes.

The project will also encourage SMEs to join digital trade by providing new business models and best practices, such as product traceability. It will work with MOIT's digital trade promotion platform, Decobiz, to improve cross-border business contacts. Furthermore, the activity focuses on minority communities and female-owned enterprises to foster inclusive economic growth.

USAID's Vietnam Digital Trade program will collaborate with local business associations, such as the Vietnam Chamber of Commerce and Industry and the Vietnam E-commerce Association, to increase digital trade nationwide.