Grasping opportunities from int’l integration

International integration offers lots of opportunities for the Vietnamese economy

Opportunities

Deputy Minister of Industry and Trade Tran Tuan Anh said that international integration had created both favorable conditions and difficulties. However, he believed it would bring great opportunities for the entire Vietnamese economy. Therefore, Vietnam is deeply aware of the necessity of promoting economic development along with boosting international integration.

The competitiveness of the economy depends very much on macroeconomic management at the central and local levels in terms of legal framework, infrastructure, transport facilities, human resources, mechanisms and policies. To make the most of the opportunities posed by international integration, Vietnam needs to prepare carefully and put in place suitable policies. The competitiveness of products is an important factor. Domestic businesses are desperately in need of assistance in their efforts to access new markets, new technologies, and develop qualified human resources so that they can join global supply chains.

Deputy Minister of Industry and Trade Tran Tuan Anh said that Vietnam would have to do many things in the time to come. Firstly, domestic businesses need to meet strict requirements in terms of food quality and the environment. Secondly, businesses need to be provided with information about market requirements and especially information about consumer habits, cultures, policies, and changes in foreign markets. Thirdly, along with eliminating tariff barriers, it is necessary to establish non-tariff barriers to protect domestic products.

Boosting investment in material production

Domestic businesses will hardly make the most of opportunities from international integration if they are not self-sufficient in terms of materials. Currently, domestic production of major exports such as textiles, garments, leather and footwear still heavily depends on material imports from China. “Therefore, it is necessary to further improve policies in terms of not only trade but also investment in production, technology, human resources training, and infrastructure so that domestic businesses can be self-sufficient in terms of materials,” Deputy Minister Tran Tuan Anh emphasized.

Song Hong Garment Joint Stock Company Deputy General Director Bui Viet Quang said his company planned to work with a number of domestic producers of materials for textile and garment production so that it can build production chains as soon as the TPP is signed in order to benefit the most from the agreement.

In the time to come, the domestic manufacturing capacity will possibly improve thanks to foreign direct investment in material production projects, helping reduce the dependence of domestic businesses on material imports from China and some other markets.

Phuong Lan