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The Ministry of Industry and Trade (MoIT) of Vietnam and the United States Agency for International Development (USAID) have signed a memorandum of understanding (MoU) to enhance digital trade activities in Vietnam.
The MoU aims to bolster Vietnam’s digital trade ecosystem, bringing advantages for businesses in both countries. It will also improve the capacity to establish policy and legal frameworks on digital trade, aligning with the evolving needs and development demand of digital commerce in Vietnam. This will encourage the involvement of the private sector in digital trade endeavours through portals, digital trade development tools, business associations, and business support organisations. Under the MoU, the countries will improve digital trade platforms, including digital trade promotion ecosystems, ensuring network safety and security in accordance with Vietnamese laws.
This initiative is expected to assist MoIT in implementing strategies and systems for market access, trade promotion, traceability, and market connection. The Vietnam Digital Trade activity led by USAID aligns with the Indo-Pacific Economic Framework for Prosperity (IPEF), a collaborative effort between Vietnam and the United States. This framework is aimed at leveraging innovation and establishing high-standard guidelines in the digital economy to promote sustained economic growth.
During the signing ceremony, Aler Grubbs, USAID’s Mission Director for Vietnam, noted that on a recent visit, President Joe Biden underscored the United States’ dedication to assisting Vietnam in its efforts to compete in the global digital economy.
According to Grubbs, the new digital trade activity by USAID and the MoIT is the first to be launched under the two countries’ newly upgraded partnership. It is expected to unlock the potential of digital trade as a key driver of Vietnam’s continued growth.
Bolstering digital trade activity is a primary focus in Vietnam’s policy for rapid and sustainable development, which is based on science and technology, innovation, and digital transformation, said the Vietnamese Deputy Minister of Industry and Trade, Phan Thi Thang. Digital transformation will lead to more efficient resource utilisation and greater accessibility for businesses and individuals to all available development resources.
Fostering digital transformation and the digitisation of trade operations will also expand fresh avenues for growth, facilitate cross-border trade activities, and fortify Vietnam’s ability to maintain and enhance its competitive edge in exports for the foreseeable future.
Last month, Vietnam’s Prime Minister Pham Minh Chinh met with chief executive officers from prominent U.S. semiconductor companies. He encouraged them to expand their investments in various aspects of the semiconductor industry in Vietnam, encompassing infrastructure development, technology transfer, design, manufacturing, distribution, and workforce training. This collaborative effort should engage enterprises, research organisations, and educational institutions from both nations.
OpenGov Asia reported that the companies expressed their belief that the potential for collaboration between the two nations in the semiconductor industry is substantial and carries significant importance for advancing bilateral relations in this new phase of their upgraded partnership.
In the meeting, attendees discussed investment opportunities in Vietnam and presented cooperative approaches to foster a semiconductor ecosystem. They proposed that, in the long term, American companies might consider establishing chip factories in Vietnam. The businesses acknowledged the availability of skilled human resources and the continuous progress of local enterprises and educational institutions in Vietnam.
