Vietnam targets comprehensive global economic integration
Highlights during Vietnam’s process of economic integration have been its intensive efforts to fulfill international commitments in the 2015 – 2020 period.
Vietnam remains steadfast on greater global economic integration amid growing protectionism, according to Deputy Prime Minister Vuong Dinh Hue.
Overview of the meeting. Source: VGP.
|
According to Hue, in 2015, Vietnam contributed to the establishment of the ASEAN Economic Community in 2015 with vision to 2025, while continuing to push for the signing of free trade agreements with major trading partners, including South Korea and Eurasian Economic Union.
In November 2019, Vietnam became the seventh member country to enforce the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP). Other trade deals such as the EU – Vietnam Free Trade Agreement (EVFTA), the Regional Comprehensive Economic Partnership (RCEP) and trade agreement with the European Free Trade Association (EFTA) are expected to conclude soon.
The enforcement of these FTAs would include Vietnam into a list of handful nations with FTAs with China, EU, Japan, Russia and other partners.
At the meeting, Vice Minister of Industry and Trade Do Thang Hai said Canada, Mexico and Peru are three member countries of the CPTPP that Vietnam had not had FTAs with. In the first three months of 2019, Vietnam’s exports to Canada and Mexico rose sharply, in which the amount of goods subject to certificate of origin (C/O) qualification was highest among total Vietnam’s exports to CPTPP countries.
Vice Minister of Foreign Affairs Bui Thanh Son said the diversification of FTAs would help Vietnam minimize negative impacts from trade conflicts.
According to Son, with the ongoing shift in global investment and trade flows, government agencies are required to enhance supervision capabilities and support local enterprises against external risks.
On this matter, Nguyen Duc Trung, vice minister of Planning and Investment, said the government should focus on attracting high quality FDI projects in terms of technologies and capital, ensuring new requirements on environmental protection and technologies transfer.
08:41, 2025/01/11
Vietnam-Laos Industrial Park: New direction to strengthen bilateral ties
Numerous Vietnamese projects in various sectors have effectively contributed to Laos' development, creating jobs and improving the livelihoods of tens of thousands of local workers.
22:19, 2025/01/09
Hanoi's foreign trade turnover hits US$60.1bn in 2024
The city will continue to support businesses in exploring new markets, capitalizing on the Free Trade Agreement of which Vietnam is a member.
11:46, 2025/01/09
Vietnam confident of achieving 8% growth rate in 2025
Key drivers of Vietnam’s growth include institutional reforms and decentralized governance.
14:34, 2024/12/26
UK’s accession to CPTPP to benefit Vietnam’s exports in 2025
Vietnam, in particular, will gain further access to a high-quality market, complementing its connections with Japan, Canada, and Australia.
16:41, 2024/12/16
Hanoi seeks greater efficiency in e-commerce tax management
Hanoi's e-commerce tax administration is expected to be significantly tightened in the near future.
17:34, 2024/12/15
Hanoi's wet markets in decline amid changing consumer behaviors
Local consumers prefer shopping options that offer convenience and assurance of product origin.