Participation in FTAs opens new development space for Vietnam

Photo: VNA

State President Tran Dai Quang made the remarks at a June 23 meeting with business people who attended a forum on Vietnamese enterprises’ connectivity and integration in the era of new-generation FTAs held by the Finance Ministry in conjunction with the National Assembly’s External Relations Committee and the Viet Nam Chamber of Commerce and Industry (VCCI).

Active international integration and cooperation are strategic orientations of the Party and State to realize the national establishment and development, which have gained a number of achievements, contributing to expanding exports, attracting more foreign investment, improving the investment environment, enhancing the national and business competitiveness and completing the socialist-oriented market economy.

Viet 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).

He hailed the business community’s contributions to national achievements, asking them to set forth specific action programs, focusing on long-term strategies for production, business and market development in order to improve the competitiveness of their products and services.

The State President also urged ministries, agencies and localities to pay more heed to raising public awareness of international integration as well as challenges and opportunities afforded by the new-generation FTAs.

The State leader suggested making the best of the deals in the time ahead with the importance placed on trade promotion, enhancing the role played by trade representative offices, technological application in management, and connecting local firms with regional and global value chains.