Businesses urged to actively seize opportunities in new context

Employees work at New Wing Interconnect Technology Ltd.Co at Van Trung Industrial Zone in northern province of Bac Giang. (Photo: VNA)

As a driving force of economic growth, enterprises should be more proactive in building production and business plans in the new situation given complicated developments of the COVID-19 pandemic, Minister of Industry and Trade Nguyen Hong Dien has said.

Speaking to the Vietnam News Agency (VNA) in an interview on the threshold of the New Year, Dien said that Free Trade Agreements (FTAs) in which Vietnam has joined have been opening the door for exports and offering an opportunity for Vietnam to connect and integrate deeper into global value chains and production networks.

Of these, new-generation FTAs such as the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), the EU-Vietnam Free Trade Agreement (EVFTA) or the UK-Vietnam Free Trade Agreement (UKVFTA) are being implemented comprehensively and effectively.

In fact, since taking effect on August 1, 2020, the EVFTA has created a huge boost for Vietnam's exports, helping to persify export markets and products. Investment attraction between Vietnam and the EU have also benefited from the agreement.

The Regional Comprehensive Economic Partnership (RCEP) which will enter into force in 2022 will create a new free trade area that facilitates trade and investment. It will open up a stable and long-term export market for Vietnamese enterprises while offering opportunities to attract foreign investment, contributing to economic recovery after the COVID-19 pandemic, the minister said.

However, according to Dien, enterprises should be proactive in looking for information as well as thoroughly grasping the commitments of Vietnam and partners in the field of business and production to fully tap the benefits that these agreements bring about. It was necessary for them to carry out innovation and enhance their competitiveness to develop and seize opportunities in the new context.

Minister of Industry and Trade Nguyen Hong Dien. (Photo: VNA)

The Ministry of Industry and Trade (MoIT) will focus on connecting administrative procedures related to the State management in the import and export sector with the National Single Window and the Association of Southeast Nations (ASEAN) Single Window, and enhancing market forecasts, policies and trading practices to help enterprises improve their competitiveness and penetrate into the market effectively.

The MoIT will also devise specific plans on inspection, control and handling of administrative violations on smuggled and counterfeit goods, goods that do not meet food safety regulations and especially those relating to e-commerce and origin of goods. Inspections on listing the price, combating speculation and unreasonable price increases during holidays or pandemics will be strengthened, he said./.