SME competitiveness sharpened by US funding

Small and medium-sized enterprises (SMEs) in Viet Nam will be networked to develop under a project sponsored by the US Embassy in Viet Nam.

The project, which began on July 19, aims to create opportunities for young entrepreneurs to learn from economists and successful entrepreneurs from major groups and companies.

This year, the project will be implemented in the north for 10 months, helping young local entrepreneurs experiment with business solutions and experience.

According to Central Institute for Economic Management (CIEM) Deputy Director Vo Tri Thanh, Vietnamese SMEs lacked strong co-ordination and connectivity, which would pose a risk to the national economy.

Strong connectivity would help them secure a firm foothold in the market, Thanh added.

Launched in October 2011, the project is one of 36 worldwide of their kind to have been selected for funding by the US Department of State.

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