Econ
Vietnam: Seizing opportunities from new-generation FTAs
On June 15, a seminar themed “Vietnam: Seizing opportunities from new-generation FTAs” was co-organized in Hanoi by the World Bank and the Ministry of Industry and Trade.
Deputy PM Vuong Dinh Hue made speech at the seminar
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Vietnam has promoted the negotiation and signing of FTAs, including new-generation ones such as the Trans-Pacific Partnership Agreement and the Vietnam-EU Free Trade Agreement. Vietnam is determined to build a transparent and incorruptible Government and support enterprises from different economic components to compete equally. “The Government does not differentiate enterprises on the grounds of their size or economic components. They must walk on their own feet,” he said.
The Vietnamese Government, said Deputy PM Hue has spared no effort to stabilize the macro-economy; speed up the economic structuring focusing on SOEs and the banking system; handle non-performing loans; restructure budget collection and spending; safeguard safe public debts. These tasks are important conditions for Viet Nam’s successful international integration.
For her part, Ms. Victoria Kwakwa, World Bank Vice President for East Asia Pacific Region said that FTAs bring about both benefits and remarkable challenges. “If Vietnam fails to enforce its commitments in a cautious manner, benefits will be wasted,” she added. The WB pledged to assist Vietnam in optimizing new-generation FTA opportunities, the Vice President affirmed.
On the other hand, the Vietnamese Government hopes to listen to analysis and forecasts from international experts, managers, and the business community in order to perfect the legal system and policies in every period, each year and for long-term vision. Deputy PM Hue revealed that the Government had already discussed and decided to early submit the National Assembly to ratify the TPP and is building action program to effectively put the document into reality.
