10:00 | 07/05/2020 Cooperation
(VEN) - U.S. Ambassador to Vietnam Daniel J. Kritenbrink announced on May 2 that his government will provide an additional $5 million to mitigate the impact of the COVID-19 pandemic on the Vietnamese economy.
U.S. Ambassador to Vietnam Daniel J. Kritenbrink
The funds, routed through the United States Agency for International Development (USAID), will be used to bring much needed resources “to bear immediately,” an embassy statement said.
It said the funds will particularly support 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 (GVN) and other stakeholders to bolster the GVN’s relief interventions.
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.”
Last month, USAID had announced an assistance package of almost $4.5 million to meet Vietnam’s priority COVID-19 outbreak health response needs. These funds are being used, among other things, for technical support to enhcance 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.
The embassy statement said that over nearly eight years, USAID assistance has strengthened the ability of local enterprises to upscale 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.