Monday, 23 Oct 2017

Vietnam is always active in regional economic integration

Updated at Monday, 13 Mar 2017, 14:43
The Hanoitimes - Vietnam will continue reforming its economy, improving the business climate and fully implementing the commitments it has made to the free trade agreements (FTAs), actively contributing to regional economic and trade integration.

Vietnamese Ambassador to the US Pham Quang Vinh made the statement at a recent ceremony to launch of the report “Charting a course for trade and economic integration in the Asia-Pacific” at the Australia Embassy in Washington D.C, the US.

He noted the Vietnam – US relations, affirming that the two nations will continue fostering their comprehensive partnership in all fields, including raising the economic – trade relations to a new height on the win-win basis.

As the host of APEC 2017, Vietnam will work with the US and other member economies to boost the dynamic development of the region, he said.

According to the report, global and regional trade, particularly in the Asia-Pacific, has been suffering huge challenges because of a growing number of people around the world are questioning the value of trade agreements, reflected by Brexit and the US’s withdrawal from the Trans Pacific Partnership (TPP).

Further, global trade is slowing, and existing trade agreements have not kept pace with the changing nature of trade itself. But trade has been one of the strongest drivers behind global growth and stability, particularly in Asia. The region’s openness has been a critical ingredient in spurring growth, creating jobs, and lifting millions out of poverty, it said.

With stable economic growth and efforts of the government, Vietnam is expected to meet its growth target this year, according to economists and businesses. A positive sign is the government’s determination to build a transparent and constructive cabinet that offers maximum support to businesses. 

He suggested improving export quality, especially farm produce and aquatic products, and facilitating start-ups in information technology. Opportunities are aplenty but tapping them requires brainpower and vision, he said, citing that the garment sector is predicted to enjoy the most benefits when Vietnam accelerates global economic integration but is incapable of performing the dying, fabric and weaving stages. 

Chief economist Sebastian Eckardt from the World Bank in Vietnam forecast that Vietnam is likely to grow 6.3 percent this year thanks to strong domestic consumption and increasing investment.
By Tuan Minh
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