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Vietnam Today

Deputy PM: Vietnam needs to be active in face of change

Released at: 17:00, 04/12/2018

Deputy PM: Vietnam needs to be active in face of change

Deputy Prime Minister Vuong Dinh Hue at the Vietnam International Economic Integration Forum 2018 (Photo: baoquocte.vn)

Deputy Prime Minister addresses Vietnam International Economic Integration Forum 2018 on December 4 in Hanoi.

by Ngoc Lan

The global and regional economic situation requires Vietnam have early analyses and forecasts and adopt policies to minimize any negative impact and take appropriate measures, Deputy Prime Minister Vuong Dinh Hue told the Vietnam International Economic Integration Forum 2018, held on December 4 in Hanoi.

In his address, Deputy Prime Minister Hue pointed out that Vietnam had a promising year in international economic integration. It continued to accelerate the negotiation over and signing of new trade agreements, contributing to socioeconomic development. Total export turnover in 2018 is estimated at $475 billion, of which exports reached $239 billion, up 11.2 per cent over 2017.

Vietnamese goods have continued to exploit traditional markets and expand into new markets. Exports to countries and regions Vietnam has an FTA with have seen high growth rates compared to 2017, showing that local businesses are increasingly focusing on exploiting opportunities from integration and the implementation of agreements.

However, he added that there are still certain problems, as some localities are slow in implementing integration, which leads to a gap in capacity and a lack of cohesion and support between the FDI sector and the domestic business sector, especially small and medium-sized enterprises (SMEs). Communication activities on integration, trade dispute resolution, and international investment are limited and have not yet fully utilized the opportunities offered by FTAs.

He affirmed that Vietnam remains steadfast in promoting international economic integration as a basis for comprehensive integration, however, over the past year, the global economy has seen some signs of change, becoming more complicated and unpredictable.

Specifically, trade protectionism has been on the rise in recent times, seriously threatening the process of trade liberalization and global economic integration. Trade conflicts between the US and some of its partners, especially China, continue to be unpredictable.

“These events and situations are having a major impact on the global economic situation, global politics, and the policies of countries, including Vietnam,” Deputy Prime Minister Hue said.

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