Vietnam’s integration in the eyes of its beholders

08:22 | 18/02/2018 Cooperation

(VEN) - International economic integration has become an important factor significantly contributing to Vietnam’s economic growth and its improved position in the international arena. Vietnam Economic News’ Ngoc Thao spoke to foreign diplomats and representatives of international organizations about the advantages of cooperation with Vietnam.

vietnams integration in the eyes of its beholders

Ousmane Dione, World Bank’s Country Director for Vietnam:

Vietnam is implementing regional and international integration commitments well.

I believe Vietnam is implementing regional and international integration commitments well. I would like to congratulate Vietnam for successfully hosting APEC 2017 events. This meaningful success will motivate Vietnam’s growth.

The Vietnamese economy is growing rapidly. For six consecutive years, Vietnam has achieved rapid economic growth while maintaining macroeconomic stability. Inflation has been curbed at a stable rate, and the business environment has improved. These results are great. Vietnam currently ranks 69th among 190 economies worldwide. Its trade-to-GDP ratio has reached nearly 200 percent. These achievements reflect the right way Vietnam is pursuing, which is expected to open a bright future for the country.

I hope this year, along with implementing FTA commitments, Vietnam will further promote internal reforms to achieve rapid and sustainable economic growth in the coming period.

vietnams integration in the eyes of its beholders

Viacheslav Nhicolaievich Kharinov, Russia’s Chief:

Trade Representative in Vietnam: A successful year of Vietnam-Russia economic cooperation

The year 2017 was a successful year of economic cooperation between Vietnam and Russia. Taking advantage of the free trade agreement between Vietnam and the Eurasian Economic Union, trade between the two countries has grown considerably. Bilateral trade exceeded US$3.9 billion in the first nine months of 2017 and was expected to reach more than US$4 billion by year’s end.

We highly appreciate Vietnam’s efforts to successfully host APEC 2017 events, which wrapped up with a summit week in the city of Da Nang. Russian President Vladimir Putin’s participation in the summit and his bilateral meeting with Vietnamese President Tran Dai Quang created a new impulse for cooperation between the two countries.

I expect breakthrough changes in economic cooperation between Vietnam and Russia so that the US$10 billion bilateral trade target can be realized. The Russian Trade Office in Vietnam is actively coordinating with the Vietnamese Ministry of Industry and Trade to deal with pending problems in trade relations and simplify customs procedures to create favorable conditions for businesses.

We will organize fairs and exhibitions to enable businesses to seek cooperation opportunities. On the occasion of the Lunar Year, I would like to wish Vietnamese friends a happy new year full of success.

vietnams integration in the eyes of its beholders

Nadav Eshcar, Israeli Ambassador to Vietnam: 2018 will mark the 25th anniversary of diplomatic relations between Vietnam and Israel.

The most important point in Vietnam-Israel relations in 2017 was a historical visit to Vietnam by Israeli President Reuven Rivlin. This was his second visit to Vietnam, which reflected our respect and admiration for Vietnam, and affirmed the importance of bilateral cooperation. During the visit, the two countries signed important agreements in the fields of science and technology, trade, national defense and education. Both sides have action plans for the near future that we wish to implement in Vietnam.

The Vietnamese and Israeli economies do not compete but complement each other for mutual development. Israel is willing to share with Vietnam its technological expertise and experiences in a variety of fields. 2018 will mark the 25th anniversary of bilateral diplomatic relations. Diverse activities are planned to celebrate this significant event.

vietnams integration in the eyes of its beholders

Juan Carlos Valle Raleigh, Ambassador of the Argentine Republic to Vietnam: Bilateral trade has grown.

Bilateral cooperation between Vietnam and Argentina has a long history, registering steady growth in recent years. Bilateral trade increased from US$2.3 billion in 2015 to US$2.9 billion in 2016 and reached US$2.3 billion in the first nine months of 2017. Major Vietnamese exports to Argentina include footwear and materials for textile, garment and footwear production. Vietnam imports from Argentina feed and materials. Impressive bilateral trade results were achieved thanks to great efforts by the two governments to promote diplomatic, economic, industrial and agricultural cooperation, as well as effective trade promotion activities with the participation of the business communities of both sides. As a major economic center of Vietnam, Ho Chi Minh City offers a favorable environment for Argentine companies to seek trade and investment opportunities. Through surveys, we have found that many companies in Ho Chi Minh City are interested in Argentine products and have the potential to cooperate with Argentine partners.

vietnams integration in the eyes of its beholders

Caryn R. McClelland, Deputy Chief of Mission, US Embassy in Vietnam: Vietnam-US cooperation will develop strongly in the coming period.

Over more than two decades, Vietnam has strived to open its economy and promote international integration in all fields. Since the US and Vietnam officially normalized bilateral relations in 1995, trade between the two countries has grown considerably and exceeded US$1 billion in 2001 after the US-Vietnam Bilateral Trade Agreement was signed. For consecutive years, the US has been Vietnam’s largest export market and Vietnam has seen a rather high surplus in trade with the US. In the first 10 months of 2017, bilateral trade reached US$42.13 billion.

Cooperation between Vietnam and the US is expected to develop strongly in the coming period. The US business community is very interested in the Vietnamese market due to factors such as population, economic growth and the achievements of economic reform. President Donald Trump’s visit to Vietnam in November 2017 reflected the expansion of bilateral relations, as well as growing economic ties for mutual benefits. The two countries have been committed to deepening and expanding bilateral trade and investment relations through official mechanisms, including the US-Vietnam Trade and Investment Framework Agreement; seeking solutions for pending problems in agricultural trade; promoting free and fair trade and investment in priority areas.

vietnams integration in the eyes of its beholders

Karen Lanyon, Australian Consul General in Ho Chi Minh City: Upgrading Vietnam- Australia relations to strategic cooperation

Australia and Vietnam are increasing development cooperation in a wide range of fields, especially economic ties. Australian Prime Minister Malcolm Turnbull visited Vietnam during the APEC 2017 Summit Week and met his Vietnamese counterpart Nguyen Xuan Phuc. The two sides agreed to upgrade bilateral relations to the level of strategic cooperation. This is very important to both countries and will open big opportunities to expand economic and trade cooperation. In the framework of APEC 2017, Australia and Vietnam strived to realize the Comprehensive and Progressive Trans-Pacific Partnership to help the Australian economy integrate more deeply into the rapidly developing Asia-Pacific region.

Many Australian companies are expanding operations in Vietnam. Not only economic cooperation, but bilateral relations in many other fields, especially education, between the two countries have grown.

vietnams integration in the eyes of its beholders

Jean Anes, Indonesian Consul General in Ho Chi Minh City: The Vietnamese economy is growing steadily, offering Indonesian businesses many opportunities.

Vietnam and Indonesia share numerous similarities. Both countries are members of ASEAN, APEC and other regional and international organizations and forums. For Vietnam, Indonesia is an important and potential partner. Vietnam is the first and the only ASEAN member with which Indonesia has established a strategic partnership. The two countries have signed cooperation agreements in various fields and established a joint committee on economic, scientific and technological cooperation and a bilateral cooperation committee at the foreign ministerial level. Cooperation at a local level has also been promoted.

In recent years, trade between Vietnam and Indonesia yielded encouraging results. Bilateral trade in goods has grown an average five percent annually and increased from US$4.6 billion in 2012 to US$5.6 billion in 2016. The two sides are striving to increase it to US$10 billion in 2018. Vietnam-Indonesia relations have good prospects. The Vietnamese economy is growing steadily. Its large market with an expanding distribution network will offer Indonesian businesses opportunities to promote trade with Vietnam.

vietnams integration in the eyes of its beholders

Takimoto Koji, Chief Representative of the Japan External Trade Organization (JETRO) in Ho Chi Minh City: Supporting Vietnamese investment in Japan

In 2017, Japan carried out various investment promotion activities in Vietnam through JETRO. We hope bilateral trade growth will bring more Japanese investment to Vietnam and encourage Vietnamese companies to invest in Japan. Many Japanese companies have shown their interest in the investment and business environment in Vietnam. In 2018, Japan will look for Vietnamese companies that have the potential to invest in Japan. Many Vietnamese businesses have opened representative offices in Japan. Vietnamese companies should take the initiative in seeking investment opportunities in Japan. For our part, we will maintain tight coordination with Vietnamese local governments to introduce Vietnamese localities to Japanese investors.

Ngoc Thao