Symposium spotlights integration’s opportunities, challenges

Hanoi (VNA) – A national symposium was held in Hanoi on January 13 to review Vietnam’s economy last year, and point out the opportunities and challenges of international integration.

2015 is considered a special year for Vietnam’s global integration, with the successful conclusion of the Trans-Pacific Partnership (TPP) negotiations, and the formation of the ASEAN Economic Community. The intensive integration into the region and the world is believed to generate a host of opportunities and challenges for society overall, the economy, and each individual person.

Prof. Tran Tho Dat and Assoc. Prof. To Trung Thanh from the National Economic University said from 2016 and in following years, Vietnam must drastically reform its growth model, restructure its economy, renovate FDI attraction policies, and foster support industries.

The State should design policies that help the private economic sector reach a higher position in the global value chain, apply a more flexible exchange rate control mechanism, closely control budget deficit and public debt, and effectively monitor financial and monetary security, they added.

2016 is the first year of implementing the five-year socio-economic development plan, which will be issued at the upcoming 12th National Party Congress, along with a number of new-generation free trade agreements. Hence, the country must realise its commitments to improving local business climates and economic institutions, symposium participants said.

Dr Nguyen Manh Hung from the Party Central Committee’s Commission for Economic Affairs noted that the Politburo should issue a directive on the TPP implementation. It will serve as a foundation for all-level Party committees, the National Assembly, the Government, ministries, localities and businesses to design their own action plans to optimise chances and minimise risks.

He also called for accelerated institutional reforms, as well as increased communication to raise State agencies, enterprise and the public’s awareness of international integration, TPP and other free trade agreements.-VNA