PM attends VN Int’l Economic Integration Forum 2017

The Viet Nam International Economic Integration Forum 2017 opened in Ha Noi on December 20, in the presence of Prime Minister Nguyen Xuan Phuc, head of the National Steering Committee on International Integration, and Deputy PM Vuong Dinh Hue, head of the Intersectoral Steering Committee for International Economic Integration.

The forum, themed Reinforcing the momentum for a new development phase, features the participation of over domestic and international delegates, including leaders of ministries, sectors and 63 cities and provinces; foreign ambassadors and trade counselors in Viet Nam; leaders of universities, institutes, associations and banks; and Viet Nam's big companies.

The forum takes place as Viet Nam celebrates 10 years of its admission to the World Trade Organization (WTO) (2007-2017). A decade of participating in the world's large playground is yet to be a long journey, but it is full of opportunities and challenges to Viet Nam, with the country's average gross domestic product (GDP) per capita increasing by over US$2,000 being among one of the remarkable results.

The most obvious change since Viet Nam's accession to the WTO is the sharp increase in foreign direct investment (FDI). Accordingly, the FDI flow into Viet Nam only reached US$10 billion in 2007, but the figure then climbed to US$21.3 billion in 2007 and US$64 billion a year later.

Up to now, Viet Nam has officially signed or concluded negotiations on 12 bilateral and multilateral free trade agreements (FTAs) with its major partners in the world, such as the Viet Nam-EU FTA (EVFTA) and the Viet Nam-Korea FTA (VKFTA), of which, many new-generation FTAs have seen a large scope and high level of commitment.

The FTAs have been opening up the room for Viet Nam to grow vigorously, as the country has fostered free trade ties with 55 foreign partners, including those in the Group of Seven and 15 of the 20 members of the Group of 20.

As scheduled, after the opening session, the forum will hold discussions in the form of three intensive talk sessions, entitled Overview of Viet Nam's international economic integration, Viet Nam in international economic and trade trends and Improving the efficiency of Viet Nam's international economic integration in the current context. The talks are aimed at discussing Viet Nam's international economic integration issues over recent times, whilst proposing solutions to ensure the country's successful integration in the future.

The forum's organizing committee will summarize the outcomes of the talks and announce the general message of the forum. The contents of the message as well as the discussion outcomes will be sent to State management agencies right after the forum concludes.

Source: Online Newspaper of the Government of the Socialist Republic of Vietnam