Vietnam proactively integrates into global economy: Deputy PM

The Government of Vietnam persistently pursues the policy of comprehensive integration, with a focus on international economic integration in a proactive, pragmatic and politic manner, Deputy Prime Minister Vuong Dinh Hue affirmed at a forum held in Hanoi on December 4.
Vietnam proactively integrates into global economy: Deputy PM ảnh 1Deputy 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

See more

Domestic fuel prices adjusted upward from 3pm on June 12. (Photo: VNA)

Fuel prices continue upward trend on June 12

The price of E5 RON92 petrol is now capped at 19,462 VND (0.75 USD) per litre, up 199 VND from the previous adjustment, while RON95-III costs no more than 19,967 VND per litre, up 269 VND.

Minister of Industry and Trade Nguyen Hong Dien (R) meets with Senator Roger Marshall. (Photo: VNA)

Vietnam ready to further open market for US exports: Minister

Regarding the ongoing negotiations on a Reciprocal Trade Agreement between the two countries, he emphasised that Vietnam remains consistent in its approach to the talks with the US, aiming for a bilateral agreement based on respect for sovereignty, independence, political system, harmonisation and balance of interests, as well as in line with international commitments and the development level of each country.

Vietnam’s auto sales near 30,000 units in May (Illustrative photo: VNA)

Vietnam’s auto sales near 30,000 units in May

Of the vehicles sold, there were 20,014 passenger cars, 8,983 commercial units, and 213 special-purpose vehicles. While passenger car sales dipped 3.6% from the previous month, commercial vehicles surged 4% and specialised ones climbed 6%.

PM Pham Minh Chinh visits the French National Railway Company (SNCF) in Paris on June 11. (Photo: VNA)

PM urges France to share expertise in railway development

Visiting the SNCF, Prime Minister Pham Minh Chinh and his entourage learnt about the company's models, approaches, and experiences in investing in, constructing, and operating railway projects in many countries, particularly high-speed rail systems.