Illustration photo. (Photo: VNA)
Hanoi (VNA) - Agencies under the Ministry of Industry and Trade should adapt their management practices and policies to reflect the new economic reality, said deputy minister Tran Quoc Khanh.

Khanh told the conference on free trade agreements (FTAs) held in Hanoi on December 15 that a range of FTAs which Vietnam has signed with big countries in the world would have a big impact on the country's export structure and macroeconomic control.

In the year of 2015, Vietnam signed four important pacts with big markets including Trans-Pacific Partnership (TPP), FTA between EU and Vietnam (EVFTA), Vietnam-EAEU (the Eurasian Economic Union) and FTA between Vietnam and the Republic of Korea.

All of the pacts would have a big impact on the industrial and commercial sectors under the ministry, he said, adding that the ministry's departments and relevant agencies must regularly update information on market and legal framework in big markets to take advantage from the partners, thus increasing exports.

He emphasised that the thoughts of policy makers should be changed as all of the management would be based on the committed pacts.

A further requirement is to have strong interaction with businesses. Policies, regulations and documents should be published on the internet 60 days prior to their issuance to collect ideas from the enterprise community.

"The transparency is vital. Policymakers should be ready to exchange ideas and interact with firms," he added.

It can be seen that all of the four FTAs have high standards with content which was not mentioned in previous pacts.

Bui Huy Son, director of the ministry's Trade Promotion Agency said the signed FTAs would create big opportunities for Vietnam in increasing its exports and reducing the trade deficit.

It was important that goods in the markets which Vietnam has signed the pacts could support each other without direct competition, Son said.

In addition, with important partners such as Japan, the Republic of Korea and the US, the signings would play a vital role in providing materials for Vietnam's production and creating momentum for exports.

The report from the ministry showed that in November, the country's total export turnover reached 14.3 billion USD, posting an 8 percent year-on-year rise. In the first 11 months of the year, the total export turnover was 148.7 billion USD, increasing 8.3 percent over the same period last year.

Experts forecast that alone EVFTA could help Vietnam's GDP increase by 15 percent and exports to EU rising by 30 percent to 40 percent after the FTA's implementation.-VNA