FTAs facilitate Viet Nam’s deeper participation in global supply chain

VGP – The effective implementation of signed free trade agreements (FTAs) has helped Vietnamese traders expand and diversify export markets, products and supply chains, making it easier for their commodities to participate deeper in the global production and supply chains.

FTAs facilitate Viet Nam’s deeper participation in global supply chain: Trade Minister  - Ảnh 1.

Minister of Industry and Trade Nguyen Hong Dien made the above statement at a meeting reviewing 10-year implementation of the Resolution on international integration held on August 2.

According to the Ministry of Industry and Trade, so far, Viet Nam has established relations with 189 among 193 nations, of which four are comprehensive strategic partners, 17 strategic partners and 13 comprehensive partners.      

The nation has built up trade relations with 224 countries and territories and developed partnership with over 300 international organizations, while signing more than 90 bilateral trade agreements and nearly 60 agreements on investment promotion and protection.

Viet Nam has negotiated, signed and put into effect 19 bilateral and multi-lateral FTAs with almost all the big economies in the world.

Of the figure, 16 FTAs involving more than 60 partners have become effective, covering all continents with a combined GDP accounting for nearly 90 percent of global GDP, making Viet Nam one of the countries in the region taking the lead joining bilateral and multilateral economic cooperation frameworks.

These FTAs have upgraded the nation’s position, strengthened the interweaving of interests between Viet Nam and its partners and guaranteed a peaceful and sustainable environment for the national development, asserted Nguyen.  

2022 is the seventh consecutive year Viet Nam gained a trade surplus of nearly US$12 billion and the figure reached US$15.23 billion in the first seven months this year, the highest ever to date, making contributions to increasing foreign reserves and stabilizing exchange rate and other macro-economic indexes. 

International integration has paved the way for Vietnamese enterprises to improve their competitiveness; take advantages of investment capital, technology, management, knowledge and experience; create more jobs; increase people’s income; and stabilize social security.

The Minister underlined the need to enhance close linkage between international economic integration and comprehensive integration across all sectors of environmental protection, climate change adaption, science-technology, national security, labor and union issues./.