The U.S. provides $5 million to support Vietnam’s private sector recovery from Covid-19
By Quynh Chi
May 05, 2020 | 11:41 AM GMT+7
The funds will be utilized to bring much needed resources to bear immediately, including supporting private sector recovery.
U.S. Ambassador to Vietnam Daniel J. Kritenbrink
U.S. ambassador to Vietnam Daniel J. Kritenbrink has announced that the U.S. government, through the United States Agency for International Development (USAID), will be providing an additional $5 million to mitigate the impact of the Covid-19 pandemic on the Vietnamese economy.
The funds will be utilized to bring much needed resources to bear immediately, including supporting private sector recovery by enhancing access to finance for businesses, improving business support capacity during an expected surge in demand, and partnering with Government of Vietnam stakeholders to bolster the Government of Vietnam's relief interventions.
Speaking about the announcement, Kritenbrink said, “even though the private sector was hit hardest by the Covid-19 pandemic, the additional funds will help lift Vietnam out of this crisis enabling the country to continue its march towards upper-middle income status. This assistance reinforces our commitment to supporting a strong, prosperous, and independent Vietnam.”
Over nearly eight years, USAID assistance has strengthened the ability of local enterprises to scale operations, improved the business enabling environment, trained emerging leaders, reduced the time and cost of trade, and enhanced the national and provincial legal and regulatory framework to drive private sector growth.
Last month, USAID also announced assistance of almost $4.5 million to meet Vietnam’s priority Covid-19 outbreak health response needs. These funds are being used for technical support for preparedness and response; surveillance and case-finding; public health screening at points of entry; laboratory diagnostic capacity; community education and engagement; and infection prevention in health care settings; and more.
Earlier on April 15, USAID and Vietnam’s Ministry of Planning and Investment virtually signed a $42 million agreement to advance Vietnam’s economic competitiveness, through strengthening private sector competitiveness, innovation and startup ecosystems, and human capital.
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