Vietnam views international economic integration, particularly through free trade agreements (FTAs), as a key gateway to connect the country with the world and bring its economy closer to global standards, Prime Minister Pham Minh Chinh said at the announcing ceremony of the 2024 FTA Index on April 8.
To date, Vietnam has signed and implemented 17 FTAs with more than 60 partners on all five continents, demonstrating the country's commitment to trade liberalization, fair competition, and sustainable development, PM Pham Minh Chinh said.
The Government leader stressed that the FTA Index is a fresh, data-driven, and systematic tool, developed for the first time based on business surveys across 63 provinces and cities nationwide. It aims to provide transparent and objective data for the Government, central agencies, and local authorities to guide, monitor, and manage economic integration. It will also serve as a foundation for policy formulation and local development strategies, contributing to sustainable export growth.
The PM stated that over nearly four decades of its reform process, along with economic and social development, environmental protection, and strengthening national defense, security, and public order, Vietnam has remained steadfast in its foreign policy of independence, self-reliance, diversification, and multilateralisation, being a good friend and a responsible member of the international community, for peace, friendship, cooperation, and development in the region and the world. Vietnam is building an independent, self-sufficient economy while actively and proactively integrating into the global economy, he added.
PM Pham Minh Chinh affirmed that integration is essential for the nation to keep pace, move forward, and even surpass in its development progress, but not at any cost. Economic integration must be mutually beneficial, ensuring balanced interests and shared risks. Exports remain a crucial driver of growth, but not the sole focus, and Vietnam must expand its markets beyond a few key trading partners, said the leader.
PM Pham Minh Chinh stressed that the effective implementation of the FTAs is not only about fulfilling international commitments but also serves as a catalyst for domestic reform, market expansion, and better economic competitiveness. However, challenges persist, including limited awareness at the local level, weak competitiveness of enterprises and products, inefficient FTA utilization, and weak links between integration and the economy’s quality, efficiency, and sustainability improvements.
Acknowledging both opportunities and challenges in global economic integration, the PM urged flexible, timely, and effective adaptation. He said maximizing the FTAs' benefits is a crucial path to sustaining growth and elevating Vietnam’s global standing.
The government will continue to optimise the FTAs' advantages, strengthen international commitments, expand markets, pursue new trade agreements with potential partners, and diversify markets and supply chains, the PM noted.
Looking forward to businesses’ market and production restructuring efforts, he affirmed the Government’s commitment to policy innovation, trade negotiations, and equal access to resources for enterprises.
According to the World Trade Organization (WTO), by early 2025, there will be approximately 328 FTAs in effect, a sharp increase from 98 in 2000. Vietnam has so far signed and implemented 17 FTAs with major global partners.
