The Hanoitimes - Deputy Prime Minister Vuong Dinh Hue has suggested the relevant agencies should continue to take full of advantages from multilateral organizations and forums such as APEC, ASEM and ASEAN to promote foreign investment attraction and create more opportunities for local enterprises.
Deputy Prime Minister (PM) Vuong Dinh Hue, who is also the head of the Inter-Agency Steering Committee on International Economic Integration chaired the meeting of the committee in Hanoi on February 28 to review its operations in 2016 and deployment its tasks for 2017.
Reports at the meeting showed that last year Vietnam was positively and proactively implementing the international integration policy of the Party and State and transitioned to a comprehensive integration stage where economic integration is its focus in the context of the country’s participation in a range of next-generation free trade agreements (FTAs).
Deputy Prime Minister Vuong Dinh Hue speaks at the meeting.
Speaking at the conference, Deputy Minister of Industry and Trade Do Thang Hai said that Vietnam has deeply implemented the international economic integration.
In the process of its economic integration, Vietnam has made thorough preparations for the selection of partners for negotiation and cooperation, leading to enjoying more benefits from FTAs, he added.
The official noted that the country has actively implemented economic integration in many fields, making more contributions to national socio-economic objectives, especially in the economic restructuring and growth model innovation.
Regarding the fact that Vietnam has integrated deeply and broadly with ASEAN but has not made good use of its advantage in exports, according to the Industry and Trade ministry.
The reason for that is that domestic enterprises usually target the domestic market or other markets, not wanting to penetrate into the ASEAN, according to the ministry.
Moreover, the ASEAN countries have erected trade barriers, and this trend would increase in the near future, requiring the government and relevant ministries and agencies to support enterprises to overcome these barriers.
Addressing the conference, Deputy PM Hue asked further strengthening research, forecasts and policy proposals for the nation’s international economic integration in general and FTAs in particular.
The Deputy PM praised the efforts of the Steering Committee in coordinating with relevant authorities to implement important activities on international economic integration.
He affirmed that such activities have contributed to the improvement of institutions and national, business and product competitiveness development, helping protect the interests of companies in the process of commitment implementation.
However, the Deputy PM also said that the deployment of international economic integration still had limitations, with the existence of more than 70 specialised management and examination procedures on import-export goods still making it difficult for import and export activities to carry on.
He urged the committee to efficiently use mechanisms on Technical Support Groups and Groups of Advisers to further strengthen research and forecasts on issues of international economic integration and FTA negotiations, thereby proposing integration policies for now and the next ten years.
The focus should be the impact of protectionism in the Asia-Pacific, the US’s withdrawal from the TPP and policy recommendations for Vietnam, the impact of new problems and the focus under the ASEAN Economic Community roadmap from now to 2025, non-tariff barriers and trade facilitation in promoting intra-ASEAN trade, and promoting trade with the Middle East and African markets that are still open to Vietnam.
In 2017, Deputy PM Hue suggested related ministries and sectors to coordinate and organise APEC Year Vietnam 2017 well to enhance the role of Vietnam in APEC, while further attracting foreign investment and seeking more foreign partners for domestic enterprises.
Translated by Thu Minh