Vietnam negotiates trade pacts with 60 economies
Vietnam has been negotiating free trade agreements (FTAs) with around 60 economies worldwide, which currently occupy approximately 90% of Vietnam’s total trade revenue, heard a meeting in Hanoi, on January 11.
The meeting, held by the Inter-sectoral Steering Committee for International Economic Integration, was chaired by Politburo member and Deputy Prime Minister Vuong Dinh Hue.
Reports show that Vietnam has so far ratified 10 bilateral and multilateral trade pacts with partners from across the globe, while negotiating the Regional Comprehensive Economic Partnership (RCEP), Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), and bilateral FTAs with Israel and Cuba.
2017 marked Vietnam’s 22-year membership in ASEAN and the success of the APEC Year hosted by Vietnam, making significant contributions to promoting Vietnam’s economic integration.
Addressing the meeting, Deputy PM Hue, who is also head of the steering committee, emphasised that 2018 will be an important year for Vietnam as the country strives to fulfil its commitments regarding international economic integration.
Vietnam should enhance its competitiveness and complete its institutions in order to actively respond to integration, particularly in the areas facing fierce competition, including breeding and cultivation.
Meanwhile, Minister of Industry and Trade Tran Tuan Anh noted that besides boosting international integration, Vietnam should continue promoting domestic integration through the fulfilment of international commitments, institutional reforms, economic restructuring and the renewal of the growth model.