Drastic actions in multiple aspects needed amid strong integration

Can Tho (VNA) – Both the Government and businesses must incessantly update their knowledge, be creative and take drastic action in multiple aspects amid intensive integration and volatile global economies, experts said.

Associate Professor Nguyen Anh Tuan, editor-in-chief of the International Studies Magazine of the Foreign Ministry’s Diplomatic Academy of Vietnam, said State agencies needed to evaluate possible impacts of the Trans-Pacific Partnership (TPP) agreement, negotiations on which just concluded in early October this year, on such fields as goods, investment and services to design and overhaul long-term policies.

Vietnam should make development policies for the industries that could benefit from the TPP, which currently includes 12 countries, along with policies to increase added value in all economic sectors.

He added that the Government should give more loans to businesses, especially small- and medium-sized ones, while reforming the financial sector, since it would be a major risk if enterprises couldn’t access credit, mostly sourced from people’s deposits or buying of bonds and treasury bills.

To help companies improve their competitiveness and optimise advantages, relevant agencies need to continue bettering the business climate, and regularly update firms on macro-economic policies and trade agreements, according to Vo Hung Dung, director of the Vietnam Chamber of Commerce and Industry’s chapter in Can Tho.

They should also make information transparent and pay heed to administrative reforms, particularly at the local level, he added.

In-depth information and dialogues between the Government and businesses was important, Deputy Director of the Central Institute for Economic Management Vo Tri Thanh said.

He underlined the necessity for not only general information about free trade agreements or integration, but also details about existing policies, reforms and essential changes.

Meanwhile, enterprises should work to learn about the TPP agreement to have a thorough understanding in their specific production and business areas and take action to tap opportunities offered by the trade deal.

They should also enhance their personnel capacity and co-operate with foreign companies to make the best use of their peers’ capital, personnel and technological advantages, Thanh noted.

It is critical to take appropriate actions, particularly promoting the competitiveness of the economy and businesses, to grasp opportunities and deal with challenges in the integration period, Vo Hung Dung said.-VNA