TikTok recently announced a new US$12.2 million investment to help small and medium-sized enterprises (SMEs), entrepreneurs and youth in Southeast Asia (SEA), including Viet Nam, grow and thrive on the platform.

The investment comprises cash grants, digital skills training and advertising credits for SMEs, including micro businesses, in rural and suburban areas.

This is aimed at helping more than 120,000 SMEs over the next three years transition their businesses online and participate in the digital economy.

"Across Southeast Asia, more than 325 million people come to TikTok every month and 15 million businesses use the platform. The role we've played in expanding economic opportunities, education and community-building in this region and around the world is immense. We are excited to see the positive impact TikTok has had and are committed to continuing the work of helping individuals, communities, and businesses grow and thrive," said Shou Chew, TikTok chief executive officer.

According to “The TikTok Effect: Accelerating Southeast Asia's Businesses, Education and Community Report”, SMEs polled increased their revenue by nearly 50 per cent through selling their products and services on TikTok, and close to four in five businesses transitioned from offline to online marketing channels using the platform.

Over the next three years, TikTok will collaborate with the Vietnam Trade Promotion Center for Agriculture (Agritrade), which is under the charge of the Ministry of Agriculture and Rural Development, to support the government's rural economic development programme, OCOP.

As part of this partnership, TikTok will launch "OCOP Weekly," a new livestreaming series on TikTok Shop, dedicated to promoting and selling OCOP products and regional specialties created by local SMEs. By doing so, TikTok aims to bolster the livelihoods of 20,000 local farmers, craft villagers, and small businesses spanning all 63 provinces and cities of Viet Nam while preserving local traditional culture and promoting tourism. This collaboration will deepen TikTok's relationship with the Vietnamese Government and create fresh opportunities for local sellers across the country.

In another development, TikTok will continue to develop the next generation of entrepreneurs, particularly youth who may not have equal access to economic opportunities. In partnership with ASEAN Foundation, the Social Enterprise Development Programme will provide capacity building, mentorship, facilitation to market, and seed funding of up to US$320,000 to 20 youth-led social enterprises in the region, contributing to the UN Sustainable Development Goals in SEA.

With a workforce of more than 7,500 employees across SEA, TikTok is also committed to investing in developing local talent. — VNS