(VOVworld) – A workshop entitled “Vietnam seizes the opportunities of new-generation free trade agreements” was held on Wednesday in Hanoi to improve common understanding among key stakeholders on the challenges, opportunities and risks facing Vietnam as it deepens international integration.
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| Deputy Prime Minister Vuong Dinh Hue spoke at the workshop (Photo: phapluatplus.vn) |
The event was held by the Ministry of Industry and Trade (MOIT) and the World Bank (WB) in Hanoi. Deputy Prime Minister Vuong Dinh Hue said Vietnam’s Party and State consider international integration a consistent and long-term process. New generation free trade agreements like the Trans-Pacific Partnership (TPP) and the European Union-Vietnam FTA (EVFTA) agreement will open great trade and investment opportunities for Vietnam. The Deputy Prime Minister said Vietnam needs to be well-prepared to successfully integrate in the regional and global economy: “The Vietnamese government is doing its best to stabilize the macro-economy, and accelerate economic restructuring, focusing on state-owned enterprises, the banking system, dealing with bad debts, state budget expenditures, and restructuring agriculture, industry, and services. These are the prerequisite conditions and foundation for rapid and sustainable development and successful integration in the region and around the globe”.
Victoria Kwakwa, World Bank Regional Vice President for East Asia and Pacific, said Vietnam will benefit in terms of trade, investment, growth and employment from the new-generation agreements: “International trade has provide Vietnam with both the opportunity to access international markets and the capacity to benefit from sophisticated foreign technology and ideas. However, perhaps even more importantly, trade has served as a benchmark for measuring Vietnam’s international competiveness and as a driver of domestic reforms, unleashing the country’s national comparative advantages to their full potential. The World Bank if committed to helping Vietnam make the most of the next generation of international trade agreement”.
The Vietnamese government will submit the TPP to the National Assembly for approval. With the completion of 13 FTAs, Vietnam will have free trade relations with 55 countries and territories, including 15 members of the G20.