Vietnam holds a unique position in the global supply chain, Vietnamese Deputy Prime Minister Trinh Dinh Dung stated, calling for further investment in the country, which is striving to deepen international integration.
Deputy Prime Minister Trinh Dinh Dung at the event. Source: VGP.
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Vietnam is currently a member of the World Trade Organization (WTO) and is a party to 12 free trade agreements (FTAs), including six FTAs between ASEAN and major trading partners including China, India, Japan, and South Korea.
Vietnam’s National Assembly has recently ratified the Comprehensive and Progressive Trans-Pacific Partnership (CPTPP), while the Vietnam – EU FTA is expected to wrap up soon.
Those trade agreements have and will open up Vietnam’s exports and investments to 50 economies, deepening the country’s integration into the global value and supply chain, Dung added.
After 30 years of economic reform, Vietnam has been maintaining an impressive growth rate, which is recognized as a successful model of economic transition by the world community, Dung said.
In the 1986 – 2017 period, Vietnam achieved an average growth rate of 6.63% per year, and is on track to reach over 6.7% in 2018, becoming one of the fastest growing economies in the world.
In addition to high growth rate, Vietnam also focuses on growth quality, Dung stressed, adding that the Vietnamese government will continue stabilizing the macro-economy and reduce the poverty rate.
Moreover, Vietnam gives priority to environmental protection and social equality, while encouraging creativity and dynamism of citizens and enterprises, said Dung.
In 2018, Vietnam is ranked 77th out of 140 countries and territories in the Global Competitive Index (GCI) of the World Economic Forum, and 69th out of 190 in the World Bank’s Ease of Doing Business ranking. Additionally, the country stood at 45th out of 127 countries in the Global Innovation Index (GII) published annually by the World Intellectual Property Organization (WIPO).
Vietnam has also become the world’s production hub, attracting 26,000 FDI enterprises from 130 countries with registered capital of over US$330 billion.
In the coming time, Vietnam sets target to become one of the top economies in ASEAN and apply OECD’s standards in terms of competitiveness, he said.
Dung stated the government would focus on making breakthroughs in institutional framework and intellectual property rights, while piloting new business models arising from the Fourth Industrial Revolution.
