Efforts called for stronger int’l economic integration
Updated : Friday, January 12, 2018 10:57 AM (GMT+0700)

DeputyPrime Minister Vuong Dinh Hue has stressed a strong change in internationaleconomic integration in 2018, focusing negotiations on and signing of new freetrade agreements (FTAs), and improving legal frameworks towards realisingsigned trade pacts with foreign partners. 

Deputy Prime Minister Vuong Dinh Hue speaks at the meeting - Source: VNA

Speaking at the firstmeeting of the Inter-sectoral Steering Committee for International EconomicIntegration for 2018 in Hanoi on January 11, the Deputy PM asked the committeeto coordinate with the Ministry of Industry and Trade, other ministries andsectors in effectively tapping signed FTAs, and proposing measures to promotethe signing of new pacts.

According to Deputy PM Hue,who is also head of the committee, they need to keep close watch on policy-relatedchanges of partners and response from foreign markets in order to give timelywarnings to local businesses.

More efforts should be doneto improve Vietnam’s integration capacity, while attention should be paid tooutlining trade protection policies, he noted. He highlighted thecarefulness in the negotiation process to ensure the best benefit for thecountry.

The Deputy PM called formeasures to ensure tax collection in the context of the country’s deeperinternational integration which will cause tariff reduction. 

Participants underlined thesignificance of coordination in negotiating new FTAs and performing ones signedin 2018 - the year they described as an important time for implementingVietnam’s international economic integration commitments.

Vietnam has so far approved10 bilateral and multilateral FTAs with regional and international partners.The country basically finished FTA negotiation with the European Union. It ispromoting negotiations on the Regional Comprehensive Economic Partnership(RCEP), the Comprehensive and Progressive Agreement for Trans-PacificPartnership (CPTPP), and discussions towards bilateral pacts with Israel andCuba.

The implementation of FTAsremarkably contributed to pushing the national economic development and expandingexport markets, thus helping Vietnam deeply join the global value chain andproduction network. 

It also helped accelerateeconomic restructuring, improve business climate and competitiveness, andeffectively take advantages of investment flows, technology and knowledge, andcreate more jobs, thus raising management capacity. 

Vietnam witnessed fruitfuleconomic development in 2017, with export-import turnover hitting 425 billionUSD.


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