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Vinh Hung received technical support package worth $150 - Vinh Hung JSC

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Vinh Hung received technical support package worth $150,000 from USAID IPSC

27/10/2022 16:00:17
Market news Vinh Hung 360o
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Vietnam Private Sector Competitiveness Project received registration for a technical support package worth 150,000 USD for businesses until November 15, 2022.

 On July 10, 2022, the USAID IPSC project announced the first 6 businesses to receive the premium technical support package, including Quang Vinh Ceramics Co., Ltd., Viet Trang Export Co., Ltd., Materials Joint Stock Company SECOIN Construction Materials, Thu Do Multimedia Communication Joint Stock Company, Vinh Hung Trading, Consulting and Construction Joint Stock Company, Vietnam Anise and Cinnamon Production and Export Joint Stock Company.

Designed specifically for the needs, capabilities of each business, the support package aims to accompany Vietnamese businesses to create products with high value content, increase and the wisdom of Vietnamese people, affirming the position of “Made by Vietnam” product brand in the domestic and international markets.

The project also aims to support pioneers to become growth models for Vietnam's other small and growing businesses through activities and consulting.

The value of the premium support package

Becoming a pioneer of the USAID IPSC project, enterprises will receive many benefits, including:

  • 150,000 USD - Technical support package within 2 years in different fields (market expansion, improve efficiency and results, digital transformation, corporate culture innovation, etc.,);
  • Being assessed and identified enterprise’s health by leading domestic and international consulting firms;
  • Built a comprehensive business development strategy with the goal of bringing Vietnamese-branded products to the international market;
  • Co-sponsor for businesses to participate in fairs, exhibitions, promotional events, or activities related to equipment upgrades or obtaining appropriate certifications.

Criteria to receive support

The target audience of the USAID IPSC project are Vietnamese small and growing businesses that fully meet the following criteria: Registered to operate under the Law on Enterprises in Vietnam; Not having over 500 full-time employees; Not having legal dispute; Having two (02) consecutive years of revenue growth in the period 2017 – 2021; Having annual profit in the period 2017 – 2021; Owning a prestigious Vietnamese brand or having unique products and services of high value; Products and services with potential for local, regional or international markets; Already exported products or plan to export products. 

The Vietnam Private Sector Competitiveness Project (IPSC) is currently Vietnam's largest private-sector technical assistance project funded by the United States Agency for International Development (USAID) and the Enterprise Development Department under the Ministry of Planning and Investment (MPT) is the project owner. The IPSC project aims to remove policy, market, and corporate-level barriers that control the growth of small and growing enterprises in Vietnam, including small & medium enterprises (SMEs), and businesses owned by women or disadvantaged groups.

With the ultimate goal of implementing policies to develop the private sector, IPSC aims to enhance the competitiveness of Vietnam's small and growing enterprises, and businesses owned by women and disadvantaged groups. The project will deploy support packages to strengthen management capacity, develop business development strategies, apply new technologies, and approach markets.

IPSC's goal is to foster an innovative and dynamic Vietnamese private sector, expand domestic business opportunities, and enhance competitiveness to elevate regionally and globally. The project supports developing the management capacity of small growing businesses (SGBs) through training on a variety of topics related to the practical needs of businesses, providing technical support suitable for businesses as well as an extensive network of coaching and mentoring. These can help SGBs improve operational efficiency, grow revenue, and ultimately contribute to making SGBs a sustainable source of inclusive economic growth and job creation for society.

One of the most important priorities of the project is to support the development of pioneering enterprises (PEs) to build Vietnamese brands and reach out to the international market. IPSC is looking for private sector businesses in Vietnam, with less than 500 full-time employees, possessing Vietnamese branded products with potential to compete and become leading enterprises in the industries to cooperate exploiting specific measures.

Vinh Hung in a meeting with USAID IPSC Project and Deputy Director of the Enterprise Development Department, Ministry of Planning and Investment

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