Vietnamese firms struggle for integration
Many businesses at a forum in Hanoi on June 23 called for support by the Government and competent agencies to help them draw up suitable business strategies and upgrade technologies in order to raise
An overview of the forum (Source: dangconsan.vn)Hanoi (VNA) – Many businesses at a forum in Hanoi on June 23 called for support by the Government and competent agencies to help them draw up suitable business strategies and upgrade technologies in order to raise their competitiveness.
Speaking at the forum on Vietnamese enterprises’ connectivity and integration in the era of new-generation free trade agreements (FTAs), Pham Hoang Thang, Director of Hoang Thang Agricultural Machine Production Co., Ltd, highlighted the financial difficulties facing small and medium enterprises which have to try to afford spending on innovation and connectivity at the same time.
Hoang Quang Phong, Vice President of the Vietnam Chamber of Commerce and Industry (VCCI), underlined the need for Vietnamese businesses to meet international administration standards in the context of globalisation and competition.
Vietnam has concluded negotiations on 12 FTAs, both bilaterally and multilaterally, with eight coming into force, he said, noting that domestic firms will have more opportunities to promote their products abroad thanks to such deals.
Ha Huy Tung, deputy head of the Finance Ministry’s International Cooperation Department, said businesses and State agencies should enhance their coordination in the fight against trade fraud and consult each other in negotiating the agreements.
He explained that the Trans-Pacific Partnership (TPP) agreement is expected to be put into place in early 2018 and a handful of others will soon become effective. Meanwhile, Vietnam still faces multiple barriers in terms of product origins, environment and labour.
The forum was held by the Finance Ministry in partnership with the National Assembly’s External Relations Committee and the VCCI.-VNA
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