Integration will help in economic development

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President Trần Đại Quang delivers speesch at a meeting with business people who attended a forum on Vietnamese enterprises’ connectivity and integration in the era of new-generation FTAs yesterday. — Photo vov.vn

International integration and engagement in new-generation free trade agreements (FTAs) have opened up a fresh development space for the Vietnamese economy, President Trần Đại Quang said at a meeting yesterday.

The State leader met with business people who attended a forum on Vietnamese enterprises’ connectivity and integration in the era of new-generation FTAs. The event was held by the Finance Ministry, in conjunction with the National Assembly’s External Relations Committee and the Việt Nam Chamber of Commerce and Industry (VCCI) in Hà Nội.

The President stressed active and proactive integration, as well as international cooperation, as major strategic orientations charted by the Party and State for national construction and defence.

After reviewing outcomes of the international economic integration process, the President said Việt Nam has established trade ties with more than 200 countries and territories worldwide, joined efforts in building the ASEAN Economic Community, and engaged in 15 new-generation FTAs, including the Trans-Pacific Partnership (TPP), an agreement with the EU, and the Regional Comprehensive Economic Partnership (RCEP).

Quang hailed the business community’s contributions to national achievements. He said they have participated in the global supply chain, contributed to State coffers and helped elevate the country’s position in the world arena.

But international integration also offers difficulties and challenges for the domestic economy, Quang said. He asked domestic enterprises to set forth specific action programmes to address such issues, focusing on long-term strategies for production, business and market development, in order to improve the competitiveness of their products and services.

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The President also urged ministries, agencies and localities to raise public awareness of international integration and the challenges and opportunities afforded by new-generation FTAs.

Business representatives proposed ideas to make the best of future opportunities. The proposals highlighted the importance of trade promotion, the enhancement of the role played by trade representative offices, technological application in management and the connection of local firms with regional and global value chains.