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Vietnam affirms position in international integration

06/01/2023    29

Since its World Trade Organisation (WTO) membership in 2007, Vietnam has engaged in more than 500 bilateral and multilateral agreements in various fields, including 7 free trade agreements (FTAs).

It has also set up economic ties with around 230 nations and territories and is now a strategic partner of 17 countries.

This position has created outstanding motivations helping the country realise its growth goals, continue comprehensive innovation, and steadily move forward in its development path with great achievements after 36 years of Doi Moi (Renewal) and the 16-year WTO membership.

With its increasing international position and reputation, Vietnam is entering a new phase of international economic integration with a completely new posture, and is confident in participating in global economic linkages.

Despite a lot of difficulties caused by the COVID-19 pandemic in the 2020-2022 period, Vietnam’s import-export turnover surpassed the 700-billion-USD mark for the first time last year to top 732.5 billion USD, up 9.5% year-on-year.

Notably, 2022 also marked the seventh consecutive year Vietnam has recorded a trade surplus, with a value of over 11 billion USD.

In addition, Vietnam has also become an attractive destination for foreign investors. As of late 2022, the country had attracted nearly 439 billion USD in 36,278 projects from more than 140 nations and territories.

Nguyen Thi Thu Trang, director of the World Trade Organisation (WTO) and Integration Centre at the Vietnam Chamber of Commerce and Industry (VCCI), attributed the achievements to the country’s bravery in opening its economy through the accession to the WTO and participation in FTAs.

FTAs have opened doors for Vietnamese exports, and created more opportunities for the country to join the global value chain and production network. In particular, in the context of COVID-19, new-generation FTAs such as the EU-Vietnam Free Trade Agreement (EVFTA), the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), the UK-Vietnam FTA, and the Regional Comprehensive Economic Partnership (RCEP) have become "medicine" for Vietnam's economy to recover post pandemic.

According to statistics of the General Department of Customs under the Ministry of Finance, in 2021, Vietnam’s trade with FTA partners hit 480 billion USD, up 22.5% year-on-year, accounting for nearly 72% of its total import-export turnover with the whole world.

 

Source:  VietnamPlus