International economic integration is a driver for economic reforms: PM

PM Nguyen Xuan Phuc speaks at the forum - Photo: VGP

The PM, who heads the National Steering Committee on International Integration, made the remark at the Vietnam International Economic Integration Forum 2017 that opened in Hanoi on December 20 under the theme “Reinforcing momentum for a new development phase”.

The forum aims to share and discuss measures and policies, towards enhancing the efficiency of Vietnam’s international economic integration in line with the domestic situation and the international trends. It features three major talk sessions, themed “Overview of Vietnam’s international economic integration”, “Vietnam in front of international economic and trade trends”, and “Enhancing the efficiency of Vietnam’s international economic integration in the current context”.

In his speech, PM Phuc noted that with the implementation of its integration commitments, Vietnam is exerting strong efforts to reform the economy, from reorganising production and building brands to renovating the growth model, enhancing competitiveness of the economy and promoting the role of a facilitative Government for development.

The Vietnamese Party and Government have been deploying proactive integration, with a number of positive results obtained, including a trade surplus of over US$3 billion in the first 11 months of 2017 and the fruit and vegetable export revenues surpassing the export values of key items – rice and petroleum – for the first time, he said.

However, the leader also pointed out a number of certain shortcomings, with competitiveness yet to catch up with integration, and the awareness of integration among sectors, localities, businesses and the people remaining insufficient to produce drastic action.

He affirmed that the Vietnamese Government persisted in implementing the policy of comprehensive integration, with international economic integration as its focus.

Amid the complicated and unpredictable developments and the emergence of trade protections in some countries, Vietnam is determined to integrate into the international economy, which is clearly manifested through the topic of the Vietnam APEC Year 2017, “Creating new dynamism, fostering a shared future”, PM Phuc added.

Together with Japan, Vietnam and other member countries have issued a Joint Declaration on the Comprehensive and Progressive Trans-Pacific Partnership (CPTPP), he said, stating that Vietnam also promotes the free trade agreement between Vietnam and the European Union (EVFTA).

He stressed the need to remove barriers, including unnecessary procedures and costs, for businesses and the people, as well as to create a business climate of real transparency, equality and healthy competition, for both domestic companies and international investors.

Calling on and welcoming the support and cooperation from partners and the international community for Vietnam’s economic development, PM Phuc urged the Intersectoral Steering Committee for International Economic Integration to strengthen cooperation with domestic and foreign research institutes, in researching strategic issues on international economic integration, aiming to provide advice for the Government in its policy planning process on integration.

Speaking at the event, Deputy PM Vuong Dinh Hue, who heads the Intersectoral Steering Committee for International Economic Integration, stated that international economic integration has become one of the crucial motivations to boost Vietnam’s socio-economic development, strengthen the combined power of the country and facilitate the finalisation of the socialist-oriented market economic institutions, contributing actively to Vietnam’s achievements in economic growth and development and strengthening the country’s position in the international arena.

Vietnam is being faced by opportunities and challenges from the enforcement of new-generation free trade agreements with an increasingly high level of commitment, requiring ministries, sectors, localities and businesses to work closely together in order to take advantage of opportunities and overcome challenges in the time ahead, he said.

At the forum, domestic and foreign delegates reviewed the results of Vietnam’s international economic integration process, whilst considering the new trends in the international economy and trade as well as their possible impacts on the Vietnamese and world economy, and proposing measures aiming to enhance the effectiveness of the implementation of international economic integration work.