USAID Supports $1.5 Billion in Linkage Opportunities for Small and Medium Enterprises (SMEs) in Vietnam

Speeches Shim

Friday, December 18, 2020

SMEs, including those in supporting industries, play an important role in Vietnam’s economic growth. However, due to limited capabilities, lack of market linkages, and disruptions in global supply chains caused by the COVID-19 pandemic, SMEs in supporting industries are struggling to find new customers and to explore new market opportunities. On December 9, the USAID Linkages for Small and Medium Enterprises project and the Ho Chi Minh City Department of Industry and Trade’s Center for Supporting Industries Development organized a forum on Linkage and Investment Opportunities for SMEs. U.S. Deputy Principal Officer in Ho Chi Minh City Robert Greenan, USAID/Vietnam Economic Growth and Governance Office Director Gregory Leon, and Ho Chi Minh City Department of Industry and Trade Deputy Director Nguyen Phuong Dong attended the forum, along with more than 300 representatives from government agencies, business associations, businesses, and the media.

The event offered a platform for Vietnamese SMEs in supporting industries to connect and build business linkages with lead firm Techtronic Industries (TTI), who is currently looking to source as much as $1.5 billion worth from qualified Vietnamese suppliers and steadily increase sourcing to $6 billion by 2024. TTI is a world leader in Power Tools, Accessories, Hand Tools, Outdoor Power Equipment, and Floor Care for Do-It-Yourself, professional and industrial users in the home improvement, repair, maintenance, construction and infrastructure industries. SMEs also engaged with banks, management boards of various industrial zones, and business support organizations to explore opportunities for investment, finance to backstop linkages, and develop other supporting business linkages.

So What? Assisting SMEs to join networking events expands opportunities to participate in national and international lead firms’ supply chains thereby strengthening Vietnam’s competitiveness and journey to self-reliance.