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Vietnam's international economic integration after nearly 30 years of renovation (Part2)
Vietnam's international economic integration after nearly 30 years of renovation (Part2)
16/1/15
Some achievements in nearly 30 years of
international economic integration
First, Vietnam
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 ]
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.
Thanks to impressive performance, Vietnam benefits from significant inflows of foreign direct investment and official development aid.
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.
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.
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.
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.
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.
The private economic sector in Hanoi has developed over the three years since implementation of the Enterprise Law.
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
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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