Vietnam boosts trade ties with strategic partners hinh anh 1Illustrative image (Source: VNA)
Hanoi (VNA) – Vietnam plans to promote bilateral trade and investment links with strategic and important partner countries in the time ahead, towards fostering economic growth and expanding export markets.

The recently approved project also aims to increase enterprises’ competitiveness and their awareness of integration, enabling them to intensively join the global value chain.

It is hoped to help improve the national competitiveness, promote administrative reform and fine-tune business climate while perfecting the socialist-oriented market economy institution.

Under the scheme, efforts will be made to fully tap business advantages, increase the quality and effectiveness of trade and investment promotion activities, and foster connection among ministries, sectors and business associations inside and outside the country in the work.

Attention will be paid to bettering the quality of products and production methods through applying high technologies to meet export demand, and increase links among domestic and foreign businesses.

Small and medium-sized enterprises (SMEs) will be updated on information and forecasts related to market, politics and exchange rate fluctuation; while other businesses will also be assisted in training human resources to improve their knowledge of international economic integration, bilateral and multilateral free trade agreements(FTAs) that Vietnam signed with foreign partners.

Focus will be placed on taking advantage of investment trade agreements and calling for more investment projects from Vietnam’s important and strategic partner countries.

Coordination between the Vietnam Chamber of Commerce and Industry (VCCI) and business associations and between domestic agencies and representative agencies abroad will be strengthened, towards promoting the country’s economic development.

Through implementing activities of the project, the VCCI will report and summit solutions to the Government, contributing to overcoming difficulties in trade and investment coordination between Vietnam and strategic and important partner countries.

Surveys will be carried out to assess the needs, limitations and difficulties of enterprises and market potential so as to select markets for export and investment.

Public-private dialogue mechanism and investment promotion will be bolstered, while SMEs will be supported in accessing advanced technologies and modernise production, helping them make inroads into more markets in strategic and important partner countries and join the global value chain.-VNA