Switzerland, Vietnam implement trade, export promotion project

06:00 | 12/11/2021 Cooperation

(VEN) - Switzerland has committed to extend Vietnam non-refundable aid for a project to improve its trade policy and export promotion.

switzerland vietnam implement trade export promotion project
Deputy Minister of Industry and Trade Nguyen Sinh Nhat Tan and Swiss Ambassador to Vietnam Ivo Sieber at the signing ceremony

Enhancing trade

The Vietnamese Ministry of Industry and Trade and the Swiss State Secretariat for Economic Affairs (SECO) signed an agreement in late October to implement a trade policy and export promotion project. The project aims to improve trade performance and international competitiveness of small- and medium-sized enterprises (SMEs) through enhancing framework conditions for trade, improving public-private dialogue mechanisms and building an ecosystem for trade promotion.

The project will be implemented by the Ministry of Industry and Trade, with technical support from the International Trade Center (ITC). This is one of the most important economic development projects between Switzerland and Vietnam under the new cooperation program for the 2021-2024 period implemented by the SECO, which aims to support Vietnam in achieving sustainable growth, promoting market-oriented economic framework conditions and enhancing the private sector’s competitiveness and market access.

Switzerland will provide a project grant of CHF5 million to cover most of the total budget of CHF5.627 million (equivalent to US$6.25 million and VND148 billion), while the Vietnamese government and beneficiaries will provide the rest.

Vietnamese Deputy Minister of Industry and Trade Nguyen Sinh Nhat Tan said the project would strengthen links between the government and businesses in an effective manner, helping SMEs improve their export competitiveness and participate in the global value chain.

Building capacity for SMEs

Vietnam has achieved outstanding economic development results over the past 35 years of reform. However, strategic orientations on export promotion remain limited. SMEs still face several difficulties in accessing international markets as well as participating in the global value chain, while their competitiveness remains low.

Swiss Ambassador to Vietnam Ivo Sieber said the project funded by the Swiss government is expected to help Vietnam shape its import-export development strategy in the next decade and promote digitalization of SMEs.

The project also focuses on supporting SMEs in the application of digital technologies and solutions in their trade activities, Ambassador Sieber said.

Switzerland was one of the first Western countries to establish diplomatic relations with Vietnam. Since they were launched in October 1971, Vietnamese-Swiss relations have developed strongly, extending beyond the political and the multilateral sphere to technical and economic cooperation, trade and investment, research and science, culture, tourism and people-to-people contacts.

Nguyen Thuy