Vietnam has increasingly integrated into the world economy, positioning it as a crucial part of the global supply chain.

Increasingly intensive integration

According to the Ministry of Industry and Trade, in 2024, the industry and trade sector comprehensively implemented activities for international economic integration and successfully achieved the set goals and plans. This helped balance and ensure Vietnam’s interests during the implementation of international commitments. It also helped the country respond promptly and appropriately to the rapid changes in the global economic and political landscape.

In 2024, the negotiation and signing of new FTAs stood out as highlights in the international economic integration efforts of the Ministry of Industry and Trade in particular and the country as a whole. On October 28, 2024, after over a year of negotiation, Vietnam and the United Arab Emirates (UAE) signed the Comprehensive Economic Partnership Agreement (CEPA). This is Vietnam’s first FTA with an Arab nation, opening a new chapter in economic and trade cooperation between Vietnam, the UAE, and the Middle East-Africa region.

Thanks to achievements in international integration, Vietnam has had diplomatic relations with 193 countries worldwide and is an active member of nearly 70 regional and international organizations. Vietnam has become the world’s top-40, top-20, top-15 and top-46 economies in terms of gross domestic product (GDP), trade, FDI attraction, and the Global Innovation Index, respectively.

Vietnam maintained an average GDP growth rate of 5.2 percent annually from 2021 to 2023, a high growth rate in the region and the rest of the world. The country is expected to reach a GDP growth rate of 7 percent plus in 2024, exceeding the 6.5-7 percent target set by the National Assembly.

“Vietnam’s international integration efforts have been expanded and deepened. Signing the FTA with the UAE has broadened Vietnam’s global trade integration highway,” said Minister of Industry and Trade Nguyen Hong Dien.

According to the Minister, Vietnam has signed 17 FTAs and is negotiating two more with a total of more than 60 partners worldwide, accounting for almost 90 percent of the global GDP. This has positioned Vietnam as an important part of the global partnership network.

Vietnam’s participation in numerous FTAs has diversified and broadened its trade relationships. Vietnamese goods have been exported to more than 230 countries and territories, with Asia accounting for nearly 70 percent of the country’s total foreign trade value.

Promoting negotiation and signing of new FTAs

According to the Ministry of Industry and Trade, in 2025, Vietnam will focus on effectively leveraging FTAs, including newly signed ones to expand and diversify export and import markets, products, and supply chains.

Key priorities include intensifying the exploitation of neighboring markets with untapped potential, shifting strongly toward official export channels, fostering branding and sustainable export growth, and further innovating and improving trade promotion.

The Ministry will work closely with relevant ministries and sectors to consistently implement international and domestic economic integration while enhancing Vietnam’s proactive role in proposing and implementing initiatives to realize the cooperation objectives agreed upon by leaders within multilateral and regional frameworks, such as the WTO, ASEAN, and APEC.

Source: Báo Công thương
 

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