Deputy Prime Minister Vuong Dinh Hue (Photo VNA) Hanoi (VNA) – The Government ofVietnam persistently pursues the policy of comprehensive integration, with afocus on international economic integration in a proactive, pragmatic andpolitic manner, Deputy Prime Minister Vuong Dinh Hue affirmed at a forum heldin Hanoi on December 4.
The official further said trade protectionism isnow on the rise and seriously threatening the process of trade liberalisationand global economic integration.
The wider and deeper integration into the globaleconomy means Vietnam will face with more impact from regional and globaleconomic development trends, and that is why the country needs a proactive andflexible approach to cope with this issue, he added.
Sudhir Shetty, Chief Economist for the East Asiaand Pacific Region of the World Bank, said Vietnam should enhance itsmacroeconomic response to international financial and trade turbulences whilestrengthening national competitiveness with trade facilitation policies,improving the business environment, and strengthening the connectivity betweenforeign investment and domestic suppliers.
Furthermore, Vietnam also needs extensive reformof trade and investment, including the simplification of non-tariff measuresthat distort trade as well as promote trade in services, deepen regional andglobal integration, and increase commitments to supporting the reform of theglobal trading system.
Over the past time, Vietnam has made progress inpreparing for the new-generation free trade agreements (FTAs), including theComprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP)which was signed in March and ratified by the National Assembly in November tocome into force in January 2019.
Vietnam and the European Union announced theconclusion of the legal revision of the EU-Vietnam Free Trade Agreement (EVFTA)and agreed to keep the Investment Protection Agreement (IPA) separate from theFTA in June in preparation for the signing of the deal.
Vietnam has achieved certain outcomes ininternational economic integration, contributing to the national socio-economicdevelopment. The total import-export turnover in 2018 is estimated at 475billion USD, of which exports are expected to reach 239 billion USD, ayear-on-year rise of 11.2 percent.
The country also sought to increase goodsexports to traditional markets and find new ones. Exports to countries havingFTAs with Vietnam in 2018 have seen high growth compared to 2017 withpreferential rates reaching about 40 percent, a surge from 35 percent inprevious years, indicating that Vietnamese firms are increasingly focusing onoptimising opportunities from the implementation of free trade deals.-VN
VNA
