It is advisable that Vietnam sharpens its competitive edge to further integrate with the region and the world, a seminar highlighted in Hanoi on April 3.

Held by the Central Institute for Economic Management (CIEM), the event reviewed Vietnam’s socio-economic performance since it joined the World Trade Organisation 5 years ago.

Over the past time, Vietnam has benefited from global economic integration. The country has better access to export markets and attracted more foreign direct investment. Its business environment has also become more transparent.

Nguyen Anh Duong, deputy head of the CIEM’s Macro-economic Policy Department said export has become the highlight in Vietnam’s global integration course. It has revived confidence in global integration, especially in working with the US, EU and Russian partners.

However, domestic industries are facing challenges, namely competition and macro-economic risks and instability during the process of implementing WTO commitments.

Participants suggested Vietnam adopt synchronous, timely and flexible macro-economic policies. They must be based on correct and scientific analyses.

Duong said market information and impacts must be made clear while making policy adjustments. Policies have become better thanks to direct consultation with enterprises. It is a positive signal for an economic rebound.

According to economic experts, Vietnam should pay special attention to banking and financial restructuring. At the same time, the country must ramp up infrastructure and lure more investment in support industries. Trans-border barriers should be eased and trade and investment facilitated.-VNA