Ushering in a new chapter of development cooperation in Vietnam, a memorandum of understanding (MoU) between the United Nations (UN) and SOVICO Group was signed in Hanoi earlier this week by Kamal Malhotra, UN resident coordinator in the country, and Nguyen Thi Phuong Thao, chairwoman and CEO of SOVICO Group.

This partnership between SOVICO Group and the UN marks the first strategic cooperation of a Vietnamese corporation with the UN in support of the Sustainable Development Goals.

Noting that both parties share common interests in promoting youth engagement, green growth, and the protection and promotion of natural and cultural heritage in Vietnam, the MoU establishes a long-term framework for action and calls on the parties to work together to broaden this partnership with other like-minded Vietnamese businesses.

As a first step, SOVICO Group will collaborate with UNESCO, UNIDO, and UN-Habitat to aid Hanoi’s development as a UNESCO Creative City through the preservation and restoration of cultural heritage, revitalization of craft villages, and support for creative hubs to nurture talented young people.

Guided by the values of sustainability and respect for local culture, this partnership envisions the development of Hanoi as a ‘Creative Capital’ whose development builds on its creative past and the energy of its youth.

"This partnership with the United Nations to support Hanoi's cultural heritage and development demonstrates the continued commitment of SOVICO, with Vietjet, HDBank, Phu Long, the joint venture of Bac An Khanh, and its affiliates to support the long-term development of Vietnam by supporting youth leadership to make a meaningful contribution to [the country’s] social, cultural, and economic development,” Thao said to a gathering of interested government ministries, city officials, and international partners on Wednesday.

“We also expect our cooperation with the United Nations through UNESCO technical assistance will help establish a SOVICO Fund for Vietnam's Heritage & Innovation to support even more initiatives and solutions for cultural and green city development, artistic and design activities, as well as creative hubs to nurture creative talents, promoting entrepreneurship and innovation.”

With this new partnership, SOVICO Group is demonstrating its commitment to sustainable development in Vietnam and to the principles and values of the United Nations, Malhotra said.

“We salute them for being pioneers among Vietnamese corporations, and welcome them as partners,” he remarked.

“We hope that SOVICO’s example will inspire other Vietnamese private sector companies to take the necessary actions that will realize a sustainable future for Vietnam."

Wednesday’s MoU signing event was attended by senior government representatives and development partners who signaled their strong support for this public-private partnership and their hope for new initiatives that unite the private sector, development partners, and government to spur sustainable development and help Vietnam realize its objectives in the Decade of Action for the SDGs.

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