The DANIDA-funded Global Competitiveness Facility for Vietnamese Enterprises (GCF) will grant 216 billion VND (10.3 million USD) to private businesses in eight Vietnamese provinces from now until 2013.
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Handicrafts is one of the project's beneficiaries
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The implementation of GCF started on February 24 by the Central Institute for Economic Management, the Danish International Development Agency (DANIDA) and Can Tho City’s Business Association.
The project will cover agriculture, aquaculture, fisheries, handicrafts and tourism in 8 targeted provinces and cities, including Nghe An, Thanh Hoa, Khanh Hoa, Phu Yen, Lam Dong, Dak Lak, An Giang and Can Tho City.
Senior advisor Amarnath Reddy from the GCF said that the beneficiaries must provide solutions to challenges faced by small businesses, household enterprises and farmers.
They will also offer new services not already available in the eight targeted provinces and improve the ability for several small producers to export.
During the first phase from 2006-2010, the GCF has provided 135 billion VND to 96 initiatives in the four provinces of Ha Tay (now part of Hanoi), Nghe An, Khanh Hoa and Lam Dong, in agriculture, aquaculture, bamboo and rattan, handicrafts, fruit, tea, tourism and timber processing.
The GCF is designed to increase the competitiveness of non-State businesses in export-oriented business sectors in the targeted provinces through better access to relevant business services and exposure to innovative business models.
The GCF will help to reduce the financial risks that Vietnamese enterprises face and identify and introduce new technologies and business models, apart from access to new markets./.