The Swiss Government will provide CHF70 million (nearly US$80 million) to help Viet Nam improve its business climate and boost its private sector’s competitiveness, according to a cooperation program between the two countries for 2021 – 2024, which was announced at a launch event on August 6.

Minister of Planning and Investment Nguyen Chi Dung (R) and Swiss Vice President
and Minister of Foreign Affairs Ignazio Cassis attend the launch event of
a cooperation program between Viet Nam and Switzerland,
Ha Noi, August 6, 2021. - Photo: VNA

At the event, Minister of Planning and Investment Nguyen Chi Dung and Swiss Vice President and Minister of Foreign Affairs Ignazio Cassis agreed upon a number of key principles for cooperation including associating economic development with environmental protection, building a healthy financial management capacity, and planning urban areas.

The sides also agreed to mobilize Swiss resources serving a project on supporting businesses step up digital transformation in the bilateral or trilateral forms.

They said they will promote trade and investment cooperation activities, attracting more top Swiss firms to invest in Viet Nam, particularly in sectors with high proportion of technology. 

As a result, related training and technological transfer will take place and an innovation ecosystem will be formed to turn Viet Nam into a developing nation with a modern industry and an upper middle income in 2030.

In the past year, the Ministry of Planning and Investment worked with the Swiss Cooperation Office in Viet Nam (SECO) to build the programme.

Switzerland has offered official development assistance (ODA), mostly non-refundable aid, to Viet Nam since 1992. As of 2020, Switzerland’s fund for Viet Nam amounted to nearly CFH500 million, helping the country to eliminate poverty.