The U.S.-ASEAN Business Council (USABC) on Wednesday held a workshop titled Elevating SMBs into Industrial Revolution 4.0 and Inclusive Global Value Chains in the northern province of Hai Phong. Chairman of the Prime Minister's Economic Advisory Team Mr. Vũ Viết Ngoạn, GE General Manager, Ms. Vũ Thu Trang, Ambassador Daniel Kritenbrink, Senior Vice President of the USABC Michael Michalak, Deputy Regional Managing Director of USABC Mr. Vũ Tú Thành and the GE Team wearing protective gear before tour starts at GE factory. Photo by the US Embassy The workshop which saw the attendance of US Ambassador Kritenbrink, Vice Chairman of Haiphong People’s Committee Le Khac Nam, Deputy Director General of Vietnam Customs Mai Xuan Thanh, and Chairman of the Prime Minister’s Economic Advisory Team Vu Viet Ngoạn, aimed to boost the cooperation between U.S. companies and Vietnamese Small and Medium-sized Enterprises (SMEs). The workshop … [Read more...] about The US supports Vietnamese small and medium enterprises
Small and medium sized enterprises
Ambassador Kritenbrink, along with Mr. Le Khac Nam, Vice Chairman, Haiphong People’s Committee, Mr. Mai Xuan Thanh, Deputy Director General of Vietnam Customs, and Chairman of the Prime Minister’s Economic Advisory Team Vu Viet Ngoan highlighted the cooperation between U.S. companies and Vietnamese Small and Medium-sized Enterprises (SMEs). The workshop focused on the role of the digital economy, trade facilitation, and partnership opportunities with U.S. corporations for 200 SME owners. GE welcomes Ambassador Kritenbrink to their factory in Haiphong. Ambassador Kritenbrink stated, “I am so pleased to see representatives of world class U.S. companies here – Microsoft, Cisco, FedEx, Coca-Cola, and Visa. These great companies are also promoting the integration of Vietnam’s leading small and medium enterprises into the global supply chain. And they are leveraging Industrial Revolution 4.0 technologies to help your companies succeed. Like my … [Read more...] about The United States support Vietnamese Small and Medium Enterprises
The event was held jointly by the Association of Vietnam Scientists and Experts (AVSE Global), Quang Trung Software City (QTSC) and the Ho Chi Minh City Institute for Development Studies (HIDS). The forum included four sessions: ‘Pathway to the Industrial Revolution 4.0 for Vietnam’, ‘The impact of digital technology on business strategies of SMEs, ‘Applying digital technology to improve the competitiveness of SMEs’ and ‘Digitalised services in supporting SMEs’. According to AVSE Global Director, Vu Ngoc Anh, the VDEF 2018 aims to share strategic visions and practical experience from pioneers, as well as discussing the trend of indispensable transformation in the digital economy. In addition, the delegates assessed the current status, challenges and opportunities associated with the digital economy. Speaking at the forum, Deputy Minister Information and Communications, Nguyen Thanh Hung, expressed their hope that the experts would share … [Read more...] about Vietnam Digital Economy Forum focuses on small and medium-sized enterprises
According to a 2018 report by the World Bank, Vietnam's credit access index ranks 29th out of 190 economies surveyed, higher than the average of the Organization for Economic Co-operation and Development (OECD) and East Asia & Pacific. But Vietnamese small and medium-sized enterprises (SMEs) said it is a big challenge for them to access credit. According to the Vietnam Chamber of Commerce and Industry (VCCI), only 30 percent of SMEs in Vietnam have access to loans from the formal sector, with the rest having to use their own funds or depend on unregulated loans. This makes it hard for them to find business opportunities and solve other problems with respect to cash flow, working capital, and debts. The VCCI has drawn up a list of loans types and the challenges each segment faces. Bank loans Many banks have made it possible for SMEs to get access to credit. In the past few years most joint stock banks have earmarked tens of trillions of dong ($1=VND23,381) for priority sectors. … [Read more...] about Who do Vietnam’s small and medium-sized enterprises turn to for funds?
During his visit to Beijing, Mr. Nakao met the new Finance Minister and ADB Governor Liu Kun to exchange views on the status of the global and PRC economies, the PRC’s reforms including in the fiscal area, and the strong development partnership between ADB and the PRC. Minister Liu and Mr. Nakao agreed to promote regional cooperation through the Belt and Road Initiative, the Central Asia Regional Economic Cooperation Program, and the Greater Mekong Subregion Economic Cooperation Program.ADB President Takehiko Nakao (second from right) and PRC Vice-Premier Han Zheng (center) along with other dignitaries at the China Development Forum 2018 in Beijing. (Source: ADB)Mr. Nakao highlighted three policy challenges for the PRC as it transitions to high-quality growth in a new era: (i) inclusiveness, (ii) climate change and the environment, and (iii) an aging society. He emphasized, in particular, the need for inclusive development. Mr. Nakao remarked “China is already a very … [Read more...] about ADB President: Inclusiveness, climate change, and aging are challenges…