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Vietnam's international economic integration after nearly 30 years of renovation (Part 1)
Vietnam's international economic integration after nearly 30 years of renovation (Part 1)
15/1/15
With a lot of efforts to change the thinking, attitude and actions, the
process of international economic integration of Vietnam has achieved remarkable
success in many fields. However, there are still many issues should be overcome.
Cognitive
process and the implementation of policies have been promoting the
international economic integration of Vietnam
The sixth
Party Congress in 1986 set the comprehensively renewal policy in all sectors of
Vietnam ’s
economy. The renovation of Vietnam has been conducted in an international
context with many profound changes and the face of new world order is taking
shape, in which countries with different political regimes both compete and
cooperate with each other. Vietnamese Party is aware that this context is the
condition for us to develop a foreign policy of independence, autonomy and
openness.
The
seventh Party Congress (1991) defined a guideline of “independence, multilateralisation
and diversification in external relations” with the motto “Vietnam wants to be friend with all
countries in the international community, striving for peace, independence and
development”, which marked the first step of the integration process in the new
phase of our country. To implement this policy, Vietnam has been constantly expanding
economic cooperation on bilateral and multilateral exchanges with partners, in
many forms, in many areas (exchange of goods, producing investment, expanding
financial - credit tie, scientific and technical cooperation), creating
efficient environment for internal business and facilitate exploitation of
outside resources for social - economic development and international
integration of the country. The facts at that phase showed the policy of the
Party marked the beginning of the Vietnam in international economic
integration.
In
November 1996, the Politburo approved Resolution No. 01-NQ/TW on expanding and
improving the efficiency of external economic period 1996-2000. By 2001, the
Resolution of the Ninth Party Congress confirmed intention of “active international
economic integration for fast, efficient and sustainable development” according
to principle of “ensuring independence and socialist orientation, protecting
national interests, national security, preserving Vietnam ’s cultural identity and protecting
environment”.
After joining
the World Trade Organization (WTO) in January 2007, the Party Central Committee
issued Resolution 08-NQ/TW dated February 05, 2007 on some general guidelines for
economy to grow fast and sustainably while Vietnam as a member of the WTO. The
resolution highlighted the opportunities and challenges of a WTO member and set
the major orientation for the economy develop rapidly and sustainably after
joining the WTO. In this spirit, the Government issued Resolution No. 16/2007/NQ-CP
on February 27, 2007, the Action Program of the Government on “Some guidelines
and policies for Vietnam’s economy to develop rapidly and sustainably as a
member of the WTO”; entrusted ministries, local with implementing specific
tasks in order to take advantage of opportunities, overcome challenges, bring
our country to a new stage of development.
In
January 2011, the eleventh Party Congress of Vietnam set the foreign policy of Vietnam
in the new period of development, including the policy of “active and positive
international integration”. On April 10, 2013, the Politburo issued Resolution
No. 22-NQ/TW on international integration. It was an important and meaningful
document to clarify and unify the awareness of the whole Party as well as the
entire population of international integration in the new situation. Resolution
defined that international integration would be carried out extensively in many
fields, especially economic integration requirements must be associated with
innovating growth model and restructuring the economy.
To implement
consistent policies of the Party about international economic integration, the
process of international economic integration of Vietnam has achieved solid results.
Vietnam joined ASEAN in July 1995, signed a bilateral trade agreement between Vietnam
and USA (BTA) in 2000, joined the WTO in January 2007 and participated in 08
bilateral and regional Free Trade Agreement (FTA). Specifically, Vietnam and the ASEAN countries signed the Free
Trade Agreement between ASEAN and partners such as China
in 2004, with South Korea in
2006, with Japan in 2008,
with the Australia and New Zealand in 2009, with India in 2009. In addition, we
signed two bilateral FTA including Vietnam
- Japan FTA in 2008 and Vietnam
- Chile
in 2011.
Vietnam
is also actively participating in negotiating 6 other FTA, including the
Trans-Pacific Partnership (TPP), the FTA with the European Union (EU), the
Customs Union od Belarus, Kazakhstan and Russia, the European Free Trade Association
(EFTA) including Switzerland, Norway, Liechtenstein and Iceland, the FTA with
South Korea and FTA between ASEAN and Hongkong (China). In addition, Vietnam also actively participated in Asia - Pacific Economic Cooperation (APEC), hosting the
APEC in 2006 and eventually the APEC in 2017 with hundreds meeting at all levels... (To be continued)
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All comments [ 10 ]
After doi moi, the role of the state has changed radically. In health care, care for the elderly and education, the financing burden largely shifted from the public sector to individual households.
Until now, Vietnam’s reform-driven transition from a command to market economy has been widely lauded.
These results were achieved despite criticism from international financial institutions, who had recommended their own economic formulae.
Vietnam has recorded one of the best global performances in terms of economic growth, increased household welfare and poverty reduction over the past 20 years.
Vietnam’s success in alleviating poverty over the past decade is subject to different interpretations.
This development can be seen as a gradual shift from a purely growth oriented development strategy to one where equity and social issues play a more important role.
In 2010 foreign direct investment reached over US$10 billion as more global manufacturers established factories, taking advantage of the country’s low wages and hard-working labor force.
Vietnam economy has undergone transformation ever since the measures pertaining to market economy were adopted.
Despite Vietnam being regarded as a poor country, poverty has been reduced to a great extent.
Trade liberalization, adopting latest techniques in pricing of food products, launching of the taxes pertaining to agriculture, all these factors propelled economic growth in the country.
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