Minister of Industry and Trade Nguyen Hong Dien speaks about international economic integration (Photo: VietnamPlus) Hanoi (VNA) - The effective implementation of signed free trade agreements (FTAs) has helped Vietnamese traders expand and diversify export markets, products and supply chains, making it easier for their commodities to participate deeper in the global production and supply chains.
The statement was made by Minister of Industry and Trade Nguyen Hong Dien at a meeting reviewing 10-year implementation of the Resolution on international integration held on August 2.
According to the Ministry of Industry and Trade, Vietnam has established relations with 189 among 193 nations, of which four are comprehensive strategic partners, 17 strategic partners and 13 comprehensive partners.
Vietnam has also built up trade relations with 224 countries and territories and developed partnership with over 300 international organisations, while signing more than 90 bilateral trade agreements and nearly 60 agreements on investment promotion and protection.
Vietnam has negotiated, signed and put into effect 19 bilateral and multi-lateral FTAs with almost all the big economies in the world.
Of the pacts, 16 FTAs involving more than 60 partners have become effective, covering all continents with a combined GDP accounting for nearly 90% of global GDP, making Vietnam one of the countries in the region taking the lead joining bilateral and multilateral economic cooperation frameworks.
These FTAs have upgraded the nation's position, strengthened the interweaving of interests between Vietnam and its partners and guaranteed a peaceful and sustainable environment for national development, the minister asserted.
The minister said that 2022 was the seventh consecutive year the country had gained a trade surplus of nearly 12 billion USD and the figure reached 15.23 billion USD in the first seven months of this year, the highest ever to date, making contributions to increasing foreign reserves and stabilising the exchange rate and other macro-economic indexes.
2022 is the seventh consecutive year the country has gained a trade surplus of nearly 12 billion USD (Photo: VietnamPlus) Besides, international integration has paved the way for Vietnamese enterprises to improve their competitiveness and take advantage of investment capital. Vietnam can also take advantage of its leadership in technology, management, and create more jobs to increase incomes and social security.
Dien underlined the need to enhance close linkage between international economic integration and comprehensive integration across all sectors of environmental protection, climate change adaption, science-technology, national security, labor and union issues.
Although integration has improved the competitiveness of Vietnam’s economy, the minister pointed out shortcomings of Vietnamese enterprises, including building their trade brands in the international market.
According to the minister, international economic integration has yet to be closely linked with the requirements of improving quality, productivity and substantial development of the economy such as input materials of many manufacturing sectors which are still dependent on the international market or modest penetration into key international supply chains of domestic enterprises.
FTAs helps Vietnamese goods penetrate all continents (Photo: VietnamPlus)
Minister Dien also proposed to develop and adjust policies to better serve the country’s economic development in the new context. They can also rely on international economic integration with focus on improving human resources and increasing research, forecast capacity on new trends of integration.
Dien also highlighted the significance of measures to support enterprises to fully take advantage of FTAs which Vietnam is signatory to expand, and diversity its market and supply chain while boosting substantial exports./.
