Integration opens up new economic development space: President hinh anh 1President Tran Dai Quang (C, front) and business representatives (Source: VNA)
Hanoi (VNA) – International integration and engagement in new-generation free trade agreements (FTAs) have opened up a fresh development space for the Vietnamese economy, President Tran Dai Quang has said.

The State leader made the remarks at a June 23 meeting with business people who attended a forum on Vietnamese enterprises’ connectivity and integration in the era of new-generation FTAs held by the Finance Ministry in conjunction with the National Assembly’s External Relations Committee and the Vietnam Chamber of Commerce and Industry (VCCI) in Hanoi the same day.

He stressed active and proactive integration and international cooperation as major strategic orientations charted by the Party and State in order to fulfill the tasks of national construction and defence.

Reviewing outcomes of the international economic integration process, the President said Vietnam has established trade ties with more than 200 countries and territories worldwide, joined efforts in building the ASEAN Economic Community and engaged in 15 new-generation FTAs, including the Trans-Pacific Partnership (TPP), an agreement with the EU and the Regional Comprehensive Economic Partnership (RCEP).

He hailed the business community’s contributions to national achievements, saying they have actively partaken in the global supply chain, contributed to the State coffer and helped elevate the country’s position in the world arena.

However, the leader said, the path of international integration also offers a galaxy of difficulties and challenges to the domestic economy.

Given this, he asked domestic enterprises to set forth specific action programmes, focusing on long-term strategies for production, business and market development in order to improve the competitiveness of their products and services.

The President also urged ministries, agencies and localities to pay more heed to raising public awareness of international integration as well as challenges and opportunities afforded by the new-generation FTAs.

Business representatives proposed a number of solutions to make the best of the deals in the time ahead with importance placed on trade promotion, enhancing the role played by trade representative offices, technological application in management, and connecting local firms with regional and global value chains.-VNA