Deputy PM: Vietnam’s int’l integration process enters important period

Vietnam’s international integration process has entered a new and important period which will offer a new development space for the country, businesses and each citizen but also create a number of challenges, including new and unprecedented issues.

Deputy Prime Minister and Foreign Minister Pham Binh Minh emphasised this at a workshop on international integration in HMC City on February 6.

He stated that 2015 is very important for the country as it will have to fulfil a five-year socio-economic development plan (2011-2015), the Millennium Development Goals (MDGs) and post-2015 Development Agenda and strongly implement the international integration process through actively taking part in cooperative mechanisms and completing negotiations on free trade agreements (FTAs).

Minh said the country’s GDP growth mainly depends on trade and exports. After joining FTAs, especially those of new generation like the Trans-Pacific Partnership (TPP) and Regional Comprehensive Economic Partnership (RCEP), Vietnam can expand markets, and import high-quality machines and materials at cheap prices, which help lower products’ prices, improve competitive edge for exports and generate more jobs. Small-and medium-sized enterprises are offered favourable conditions to operate while business and investment environment is more equal and transparent. However, businesses will have to abide by stricter regulations and confront fierce competition.

Vietnam should accelerate institution reform, complete laws and policies, and improve economic competitiveness, Minh stressed, adding that it requires both the Government and businesses to build governance and management capacity.

Minh valued HCM City as the leading economic hub in the country’s socio-economic development and international integration process, saying that the city and its businesses should be pioneers in grasping opportunities and knowing how to overcome difficulties and challenges in the regional and global playground.

Participants at the workshop also discussed issues related to Vietnam’s development environment and security, the ASEAN Community, and opportunities and challenges for localities and businesses in the new integration period.


int’l integration process