Illustration Image. Photo: VNA
A seminar was held in northern Nam Dinh province on September 15 to inform state agencies and local business about opportunities and challenges brought by free trade agreements.

The seminar presented information on the ASEAN Economic Community as well as a trade pact signed with the Eurasian Economic Union, among others.

According to Tran Thanh Hai, Deputy Director of the Import-Export Department under the Ministry of Industry and Trade, integration transitions will boost market expansion, draw greater overseas capital and improve domestic economic policies and the investment climate.

However, the process has thus far not been in line with socio-economic development plans, Hai said, pointing to Vietnamese enterprises’ low competitiveness and weak coordination among state agencies.

Nguyen Minh Van, Director of Nam Dinh’s Department of Industry and Trade, noted domestic businesses need drastic reforms to curb reliance on their limited foreign markets concerning imports and exports when volatile situations arise.

Dang Phuong Dung, Vice Chairwoman of the Vietnam Textile and Garment Association, proposed a number of measures, including providing manpower training suitable to each sector and completing legal frameworks.

Vietnam has maintained growth rates between 5 and 6 percent over the last five years.

Thanks to overall national development, Nam Dinh posted 1 billion USD in export revenue in 2015 so far from approximately 4 million USD recorded in 1994, representing an average annual increase of 21.7 percent over the decade.-VNA