Drastic actions in multiple aspects needed amid strong integration
10:02, 2015/11/11
Both the Government and businesses must incessantly update their knowledge, be creative and take drastic action in multiple aspects amid intensive integration and volatile global economies, experts said.
Associate Professor Nguyen Anh Tuan, editor-in-chief of the International Studies Magazine of the Foreign Ministry’s Diplomatic Academy of Vietnam, said State agencies needed to evaluate possible impacts of the Trans-Pacific Partnership (TPP) agreement, negotiations on which just concluded in early October this year, on such fields as goods, investment and services to design and overhaul long-term policies.
Vietnam should make development policies for the industries that could benefit from the TPP, which currently includes 12 countries, along with policies to increase added value in all economic sectors.
He added that the Government should give more loans to businesses, especially small- and medium-sized ones, while reforming the financial sector, since it would be a major risk if enterprises couldn’t access credit, mostly sourced from people’s deposits or buying of bonds and treasury bills.
To help companies improve their competitiveness and optimise advantages, relevant agencies need to continue bettering the business climate, and regularly update firms on macro-economic policies and trade agreements, according to Vo Hung Dung, director of the Vietnam Chamber of Commerce and Industry’s chapter in Can Tho.
They should also make information transparent and pay heed to administrative reforms, particularly at the local level, he added.
In-depth information and dialogues between the Government and businesses was important, Deputy Director of the Central Institute for Economic Management Vo Tri Thanh said.
He underlined the necessity for not only general information about free trade agreements or integration, but also details about existing policies, reforms and essential changes.
Meanwhile, enterprises should work to learn about the TPP agreement to have a thorough understanding in their specific production and business areas and take action to tap opportunities offered by the trade deal.
They should also enhance their personnel capacity and co-operate with foreign companies to make the best use of their peers’ capital, personnel and technological advantages, Thanh noted.
It is critical to take appropriate actions, particularly promoting the competitiveness of the economy and businesses, to grasp opportunities and deal with challenges in the integration period, Vo Hung Dung said.
Vietnam should make development policies for the industries that could benefit from the TPP, which currently includes 12 countries, along with policies to increase added value in all economic sectors.
He added that the Government should give more loans to businesses, especially small- and medium-sized ones, while reforming the financial sector, since it would be a major risk if enterprises couldn’t access credit, mostly sourced from people’s deposits or buying of bonds and treasury bills.
To help companies improve their competitiveness and optimise advantages, relevant agencies need to continue bettering the business climate, and regularly update firms on macro-economic policies and trade agreements, according to Vo Hung Dung, director of the Vietnam Chamber of Commerce and Industry’s chapter in Can Tho.
They should also make information transparent and pay heed to administrative reforms, particularly at the local level, he added.
Illustrative image
|
He underlined the necessity for not only general information about free trade agreements or integration, but also details about existing policies, reforms and essential changes.
Meanwhile, enterprises should work to learn about the TPP agreement to have a thorough understanding in their specific production and business areas and take action to tap opportunities offered by the trade deal.
They should also enhance their personnel capacity and co-operate with foreign companies to make the best use of their peers’ capital, personnel and technological advantages, Thanh noted.
It is critical to take appropriate actions, particularly promoting the competitiveness of the economy and businesses, to grasp opportunities and deal with challenges in the integration period, Vo Hung Dung said.
16:42, 2025/01/12
AI set to drive Vietnam's economic growth in 2025
In 2024, Vietnam's digital economy saw a major uptick in interest in artificial intelligence (AI).
22:38, 2025/01/11
AEON Vietnam opens another department store in Hanoi
Vietnam remains AEON's second most important market in its medium- and long-term strategic plans.
22:32, 2025/01/09
Support measures to strengthen Hanoi's small businesses and local industries
In 2025, the geopolitical and economic landscape is expected to remain complex, affecting production, investment and trade activities.
17:17, 2025/01/08
European companies endorse Vietnam as investment destination
A large number of European companies foresee an improvement in the macroeconomic outlook for Vietnam in the first quarter of 2025.
10:47, 2025/01/08
Hanoi's flower market flourishes ahead of Tet 2025
The city is working to promote the sale of flowers and ornamental plants during Tet.
22:26, 2025/01/07
All-time high for Vietnamese FDI in 2024
In 2024, Vietnam's foreign direct investment (FDI) primarily targets high-value sectors such as electronics and green technology.
- Mechanisms matter to promote energy efficiency in Vietnam's industrial sectors
- Hanoi targets to become nation’s logistics hub
- Vietnam's textile industry braces for tougher competition in 2025
- Vietnam needs 2,400 professionals to operate Ninh Thuan nuclear power projects
- Vietnam's 2025 digital economy to thrive on AI-powered solutions
- Recruitment trend for 2025 with AI integration