Vietnam has actively initiated and participated in the formation of cooperative mechanisms in international integration.

Important year

Deputy Prime Minister and Foreign Minister Pham Binh Minh said international economic integration is a centre piece of Vietnam’s international aims as the country needs to deliver its major international commitments this year: “Vietnam has to finalize its international commitments in various areas this year. These cover our lowering of 669 tax lines to 0% rate as from January 1 following our ASEAN commodity agreement, WTO commitments and deeply reducing tariffs as indicated in the FTAs between ASEAN, China and South Korea. We expect to complete our FTAs with the EU and sign the Comprehensive and Progressive Trans Pacific Partnership Agreement.”

Minister of Industry and Trade, Tran Tuan Anh, said Vietnam has participated in bigger playing grounds with more rigid standards, reflecting Vietnam’s stronger integration commitment: “We see more opportunities this year if the Vietnam-EU Free Trade Agreement is implemented and the Comprehensive and Progressive Trans Pacific Partnership Agreement is signed. Vietnam’s export revenue to the EU was 4 billion USD in 2000 and jumped to more than 45 billion USD last year. The figure could be 100 billion USD once the EU-Vietnam Free Trade Agreement takes effect. This is a landmark in Vietnam’s international integration.”

Minister Tran Tuan Anh said it depends on Vietnam’s efforts to fully grasp these opportunities through reforms:“These require renewed efforts in state-owned enterprises reform and public procurement policy renovation. Vietnamese ministries and management agencies are well aware of these requirements and challenges.”

The APEC Year 2017 displayed a higher level of Vietnam’s multilateral foreign policy towards active contribution to new common rules. Vietnam’s successful hosting of the Asia Pacific Parliamentarian Forum in January is a major catalyst in its multilateral foreign affairs. Deputy Foreign Minister Bui Thanh Son said Vietnam has launched its motion to become a non-permanent member of the UN Security Council in the 2020-2021 term: “Multilateralization and diversification of foreign policy has promoted Vietnam’s image as well as security and development. This year, Vietnam will uphold this policy with more harmonious promotion of initiatives raised in the APEC Year 2017 and agreed by regional economies, including inclusive growth and cross border e-commerce. We will contribute more to ASEAN development while maintaining unity and harmonize interests for better regional cooperation. Diversifying relations with the EU and its members remains a priority.”

Vietnam is persistent with its international integration policy to foster growth. Vietnam expects to exploit opportunities for further socio-economic development and develop a new international position.