The Republic of Korea is also a stakeholder in the project and has agreed to provide US$980,000 of official development assistance for it, said Le Huu Phuc, director general of the MoIT’s International Cooperation Department at the launch.
The overriding goal of the project, said Mr Phuc, is to advance responsible and sustainable business practices, and to bring greater coherence and integration to the nation’s industrial development.
He said the collaboration marks the first initiative to address corporate sustainability in the context of specific segments of the economy in Vietnam in an overarching initiative to capture existing best practices and scale up sustainability while simultaneously addressing the UN broader goals of human rights, labour, environment and anti-corruption.
By identifying and encouraging the adoption of international best practice in sustainable industrial development, the project is expected to boost investments in manufacturing, drive innovation and promote skills development in Vietnam.
It will also promote global cooperation amongst national and international organizations through the adoption of inclusive and sustainable industrial strategies, said Mr Phuc, and contribute to the achievement of the Sustainable Development Goals.
Most importantly, he said, it will enable international exchange of knowledge and technology, foster manufacturing capabilities development and promote global value chains across key manufacturing segments of the economy.