Vietnam's international economic integration after nearly 30 years of renovation (Part2)

16/01/2015
 Some achievements in nearly 30 years of international economic integration
First, Vietnam has expanded economic and trade relations with other countries and international organizations
Vietnam now is a full member of ASEAN, APEC, ASEM and WTO as well as financial institutions such as the World Bank, ADB, IMF... The fact of joining WTO in 2007 opened equal trade relations between Vietnam and 150 countries and territories. This is an important achievement of implementating renovative foreign policy, making Vietnam become an equal country in trade with every country in the world.
In addition, we have trade relations with more than two hundred countries and territories across the continents; over one hundred countries and territories with investment projects in Vietnam and Vietnam now has projects in over seventy countries and territories.
By expanding markets and partnerships, Vietnam more deeply involves in the activities of international economic integration, having more critical role with a high sense of responsibility in the regional and global forums, thus contribute to expanding markets, attracting foreign direct investment in Vietnam, enabling export-oriented economic model, expanding import market, making part in the strategy of industrialization and modernization and gradually assert the image and position of a successful country in the innovation process.
Second, promote economic growth
If GDP period 1986 - 1990 was only 4.4% per year on average, the period from 1991 to 2011 reached 7.34% per year. Especially, after joining the WTO, Vietnam has maintained a high growth rate, in 2007, GDP reached 8.46% (the highest level in 11 years earlier). Due to the effects of fluctuations in the world economy, GDP in the period 2011 - 2013 decreased to 5.6%. In addition, it can be said that the clear achievement of economic growth is bring our country out of this socio-economic crisis and list of least developed countries after 30 years of renovation.
For import-export business, Vietnam has steadily increased over the years since 1986. In comparison with 1986 (exports turnover reached USD 789.1 million), in 2013 it increased by about 167 times (132.2 billion). Goods of Vietnam has been exported to the market of 220 countries and territories in most of the continents. Our country encreasingly has position in global exporting merchandise and were classified as 30 the world's leading export economies in the world. From a regular trade gap country, Vietnam has moved to balance exports and imports, and even trade surplus. In 2012, Vietnam had a trade surplus of $287 million, $9 million of trade surplus in 2013 and $ 1.9 billion of trade surplus in the first 10 months of 2014.
Third, promote and attract foreign investment
Implementing policies of openning the economy, foreign direct investment (FDI) is constantly growing in total capital as well as the number of projects... In the period 1991-1997 wave of FDI into Vietnam took place for the first time with 2,230 projects and registered capital of $16.244 billion. The implementation of the commitments to international economic integration, particularly WTO accession commitments helped complete and transparent legal system, enhancing the attractiveness of Vietnam for foreign investors. FDI in 2007 grew 75.3% and 42.6% in 2008.
In 2013, total FDI into Vietnam reached $22.35 billion. FDI sector has settled jobs for more than 2 million direct labours and tens of millions indirect ones, made up more than 60% of the total exports of the country, contributing to increase of  investment capital for social development, increase exports turnover, develop social economic infrastructure and solve social problems.
Fourth, contribute to improvement of economic institutions and domestic environment
The legal system in the country is constantly being amended to conform with international practices in order to create favorable, more transperent environment for business, ensure equality for economic sectors, domestic and foreign enteprises.
During nearly the past 10 years, to implement the WTO accession commitments such as liberalization of import and export trading rights, remove the limit of import and export, eliminate export subsidies leading to competitive distorsion, reduce state intervention in the operation of the business, the commitment to open markets in goods and services, transparency policy... Our legal system has been fullfil more transparent, creating a fair environment for business in the country... (To be continued)





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All comments [ 10 ]


Quân Hoàng 16/1/15 09:38

Today, the paper reports Vietnam is again the world’s second largest rice exporter. Moreover, the country is among the top exporters of coffee, pepper, seafood, cashew nuts and tea as well.

Huy Quốc 16/1/15 09:39

Thanks to impressive performance, Vietnam benefits from significant inflows of foreign direct investment and official development aid.

Hoàng Lân 16/1/15 09:40

The key cause for the rapid changes in the domestic economic is the New Enterprise Law of 2000 and the law, which gives the farmers the long-term land use right. These two legal documents have helped encourage farmers and businesses extend their business and investment.

Vân Nhàn 16/1/15 09:41

The fact that the Vietnamese government has undertaken important measures to improve the performance of industrial zones. One of them is to shorten the time needed for the granting of licences to foreign companies wishing to operate in Vietnam.

Hùng Quân 16/1/15 09:42

By establishing a securities market and expanding the insurance market, the Vietnamese government shows that it understands the need to mobilise more capital from the population.

Lê Tín 16/1/15 09:44

In terms of the coffee industry, the newspaper said Vietnam is changing its coffee production strategy. Vietnam recommends a move from Robusta to Rabica coffee as well as suggesting a different crop altogether.

Quốc Cường 16/1/15 09:46

Vietnam 2003 supplement in the Washington Times stressed that a number of the first US investors to rush into Vietnam after the end of the embargo left as fast as they came.

Huy Lâm 16/1/15 09:47

The private economic sector in Hanoi has developed over the three years since implementation of the Enterprise Law.

Quốc Kiên 16/1/15 09:48

More than 1,000 non-State businesses are now exporting goods to over 100 nations and territories worldwide, aiming to earn US$230 million from such sales by 2005

Phạm Hiếu 16/1/15 09:49

Foreign invested enterprises have made important contributions to Viet Nams economy over the past 15 years, helping the country obtain its targets in socio-economic development.

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