Fruitful economic stabilisation and restructuring along with ensured social welfares are the prerequisites for successful international economic integration, Deputy Prime Minister Vuong Dinh Hue has said.

At a seminar in Hanoi on June 15, he noted that international integration, which focuses on international economic integration, is a consistent and long-term policy of the Vietnamese Party and State.

With the ASEAN Economic Community already formed and 13 FTAs signed, Vietnam has free trade relations with 55 countries, including all G7 nations and 15 of the G20 countries.

Deputy Prime Minister Vuong Dinh Hue speaking at the seminar. Source: baochinhphu.vn

Those FTAs, especially the Trans-Pacific Partnership (TPP) agreement and the EU-Vietnam FTA (EVFTA), are considered the agreements of the 21 st century. They have opened up huge opportunities for Vietnam, particularly in trade and investment, Hue noted.

The Vietnamese Government will submit the TPP to the National Assembly for ratification in the next few months. It has reviewed the legal system and will overhaul existing regulations or issue new ones to realise integrational commitments and create the right conditions for successful integration.

The Deputy PM quoted Resolutions No. 19 and 35 as examples of the Cabinet’s efforts. While Resolution No. 19 aims to improve the business climate and national competitiveness, the Government has asked ministries and localities to robustly implement Resolution No. 35 on supporting Vietnamese businesses.

Vietnam hopes to have at least 1 million enterprises by 2020, almost doubling the current figure, he noted.

At the seminar, World Bank Regional Vice President for East Asia and the Pacific Victoria Kwakwa said integration into the region and the world has played a crucial role in Vietnam’s economic transition. The country has become an FDI magnet and a growing export economy.

Vietnam will remain attractive to foreign investment and continue to attain good growth rate thanks to strong exports. It now has a great chance to capitalise on benefits generated by the FTAs like the TPP and the EVFTA.

She added that the World Bank Group pledges to help Vietnam optimise the new-generation FTAs to achieve a high growth rate, create and share prosperity, and sustainably provide high-quality jobs for its young population.

At the event, participants discussed such issues as grasping opportunities and minimising risks from the TPP and the EVFTA, the road map for reforming trade-related laws, and the FTAs’ significance to local agriculture.

Source: VNA