A look back with satisfaction at five years of global integration

10:03 | 17/05/2019 Cooperation

(VEN) - An online conference took place recently in Hanoi to assess the implementation of the 11th Politburo’s resolution on international integration five years after its adoption.

a look back with satisfaction at five years of global integration

Outstanding results

Prime Minister (PM) Nguyen Xuan Phuc, addressing participants, emphasized that international integration had yielded positive results, contributing significantly to regional and global peace and stability and creating a favorable environment for Vietnam to attract major resources for development. The negotiation, signing and implementation of free trade agreements (FTAs) have created new impulses for economic growth.

Minister of Industry and Trade Tran Tuan Anh affirmed that economic integration had helped Vietnam maintain market stability and enhance agricultural and industrial production capacity, while at the same time improving Vietnam’s position in international forums. Many Vietnamese small and medium enterprises and private companies have joined global value chains.

Vietnam has become more attractive to foreign investors. Registered foreign investment in Vietnam has increased gradually, from US$22.35 billion in 2013 to US$35.46 billion in 2018. Apart from textiles, garments, leather and footwear, farm products such as mango, longan, litchi and dragon fruit have accessed discerning markets such as the US, Japan and Australia.

International integration has enabled Vietnam to enhance global competitiveness of major industries such as textiles, garments, leather, footwear, electronics and seafood. Vietnam has become one of the world’s most attractive retail markets. According to Minister Tran Tuan Anh, this has resulted from the rapid growth of the Vietnamese middle class and the opening of the domestic retail market according to Vietnam’s FTA commitments.

Internal strength

PM Nguyen Xuan Phuc also pointed to limitations and problems that Vietnam needs to overcome and proposed orientations for international integration in the new context.

The PM said Vietnam should pursue the goal of reaching the average level of ASEAN 4 countries in terms of business environment quality, competitiveness, labor productivity and product quality by 2020, while at the same time taking a gradual approach to adopting standards set by the Organization for Economic Cooperation and Development (OECD).

The PM emphasized that Vietnam needs to promote comprehensive international integration in order to make the most of its internal strength and effectively utilize external resources to enhance national competitiveness, creativity and adaptability. Market economy institutions should be improved to enhance Vietnam’s internal strength, competitiveness and resistance, he added.

Involvement in 16 FTAs has facilitated Vietnam’s trade with more than 60 economies, including 15 of the G20 countries. However, domestic companies have yet to make the most of opportunities presented by international integration.

Therefore, PM Nguyen Xuan Phuc asked ministries and sectors to conduct further research to identify their major problems and propose suitable roadmaps for effective implementation of FTAs, especially the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) and the EU-Vietnam Free Trade Agreement (EVFTA). Special attention should be paid to providing localities and businesses with information and assistance, he advised. Along with boosting trade and investment, the PM said, Vietnam needs to improve its capability to cope with international trade and investment disputes and complaints. Training of lawyers and judicial officials should be intensified to ensure they can protect the legitimate interests of Vietnamese people and businesses.

The Politburo has assigned the government to provide guidance for ministries, departments and localities to contribute their opinions on the draft decree on measures to enhance the effectiveness of foreign investment in Vietnam. Special attention should be paid to attracting high-technology projects that are environment-friendly and bring Vietnam both short and long-term benefits. “We attach great importance to foreign direct investment (FDI) and all economic sectors, especially the private sector which should be a major driving force of Vietnam’s development. We want to surmount existing problems of FDI to enhance its effectiveness,” PM Nguyen Xuan Phuc affirmed.

More than 200 delegates took part in the online meeting, including representatives of the Communist Party and National Assembly, and representatives from 63 provinces and cities. Also in attendance were officials of the World Bank (WB), the Asian Development Bank (ADB), the United Nations Development Program (UNDP), the American Chamber of Commerce in Vietnam (AmCham), and the Japan International Cooperation Agency (JICA).