VNBA and VASEP discuss on the Business Development Services Program

VASEP delegation headed by Mr. Nguyen Hoai Nam, Vice Secretary General and other related division leaders (Ms. Tran Hoang Yen- Vice Chief Representative, Ms. Le Hang – Communication Director, Ms. Nguyen Thu Hien -VASEP Pro Vice Director) is accompanied by representative from MPI’s Agency of Enterprise Development, IPSC Project (Ms. Le Thi Thu Hien). VNBA Vice Chairman cum Secretary General and the representatives from VNBA relevant units have received and talked with the delegation.

As the introduction stated by Ms Ms. Le Thi Thu Hien, Small and growing businesses (SGBs) are key contributors to Vietnam’s economic growth, accounting for more than 90% of the country’s private sector, employing over 50% of the workforce, and contributing roughly 40% of GDP. Improving Private Sector Competitiveness (IPSC) is the project funded by The U.S. Agency for International Development’s (USAID), aimed at removing policy, market, and firm-level constraints faced by SGBs, including those owned or led by women and vulnerable populations. In doing so, USAID is expanding economic opportunities in Vietnam—for domestic and foreign firms. So far, the project has improved the capacity for nearly 3,500 enterprises through the free of charge consultant and training programs. Especially, the project has signed memorandum of understanding with several banks to provide credit products meeting the demands for small and medium enterprises… Ms Hien expressed hope that IPSC would cooperate with VNBA to seek the various demands from VNBA members so that it can support.

The two sides have talked on the activities being implemented by VNBA to serve Business Development of its members such as: organizational structure, human resource; business types and kinds of member;, member serving, improving the members’ competitiveness; business promotion, marketing & communication, data transformation; other value-added and specialized promotional operations…

As stated by Mr. Nam, the Vietnam Private Sector Competitiveness Enhancement Project (USAID IPSC), funded by the United States Agency for International Development (USAID) and the Enterprise Development Department, Ministry of Planning and Investment is the governing agency, aiming to promote the implementation of effective private economic sector development policies, contributing to enhancing the competitiveness of Vietnam's small and growing businesses. Participating in the project, VASEP is one of the focal units implementing activities. In 2023, VASEP had cooperation with 12 associations in the North and aiming at doubling the number of associations joining the program throughout the country.

Furthermore, Mr. Nam also stated that there is no formal guidebook for professional associations to run their missions currently. In 2024, IPSC will take surveys, training and publish this book to support associations to operate more efficient.

VNBA’s Chairman Nguyen Quoc Hung has highly appreciated the VASEP delegation’s visit to VNBA and introduced to the delegation on VNBA’s history of development as well as groups of VNBA’s members.

At the end of the meeting, Vice President and Secretary General Nguyen Quoc Hung agreed to the proposals from VASEP and the IPSC Project in the field of training, promoting effective cooperation and providing support to member banks in the future. However, coordination is needed to build a framework with specific, practical and effective cooperation programs.

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