Việt Nam affirms position in international integration

Việt Nam’s import-export turnover surpasses the US$700 billion mark for the first time last year to top $732.5 billion. VNA/VNS Photo

Since joining the World Trade Organisation (WTO) in 2007, Việt Nam has engaged in more than 500 bilateral and multilateral agreements in various fields, including seven free trade agreements (FTAs).

It has also set up economic ties with around 230 nations and territories and is now a strategic partner of 17 countries.

This position has created outstanding motivation, helping the country realise its growth goals, continue comprehensive innovation, and steadily move forward in its development path with great achievements after 36 years of đổi mới (Renewal) and the 16-year WTO membership.

With its increasing international position and reputation, Việt Nam is entering a new phase of international economic integration with a completely new posture, and is confident in participating in global economic linkages.

Despite a lot of difficulties caused by the COVID-19 pandemic in the 2020-22 period, Việt Nam’s import-export turnover surpassed the US$700-billion mark for the first time last year to top $732.5 billion, up 9.5 per cent year-on-year.

Notably, 2022 also marked the seventh consecutive year Việt Nam has recorded a trade surplus, with a value of over $11 billion.

In addition, Việt Nam has also become an attractive destination for foreign investors. As of late 2022, the country had attracted nearly $439 billion in 36,278 projects from more than 140 nations and territories.

According to statistics from the General Department of Customs under the Ministry of Finance, in 2021, Việt Nam’s trade with FTA partners hit $480 billion, up 22.5 per cent year-on-year, accounting for nearly 72 per cent of its total import-export turnover with the whole world.

Nguyễn Thị Thu Trang, director of the World Trade Organisation (WTO) and Integration Centre at the Vietnam Chamber of Commerce and Industry (VCCI), attributed the achievements to the country’s bravery in opening its economy through the accession to the WTO and participation in FTAs.

FTAs have opened doors for Vietnamese exports and created more opportunities for the country to join the global value chain and production network, she said.

In particular, in the context of COVID-19, new-generation FTAs such as the EU-Vietnam Free Trade Agreement (EVFTA), the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), the UK-Vietnam FTA, and the Regional Comprehensive Economic Partnership (RCEP) have become "medicine" for Việt Nam's economy to recover post-pandemic, Trang added.