International integration promotes economic development.

Việt Nam•06/11/2023

Participating in international economic integration, Binh Thuan is aiming to effectively utilize the Free Trade Agreements (FTAs) to which Vietnam is a member, while also leveraging external resources to contribute to promoting local socio-economic development…

Proactively integrate into the international economy.

As the agency responsible for assisting the Provincial Subcommittee on International Economic Integration, the Department of Industry and Trade has consistently focused on communication and awareness-raising efforts. This has helped to enhance understanding among relevant stakeholders regarding the importance, role, policies, and strategies for economic development and international integration. Furthermore, the Department regularly monitors and gathers information on technical barriers to export goods, coordinating with and providing this information to local associations and businesses.

International economic integration creates opportunities to boost production and export of Bình Thuận 's advantageous products (Illustrative image).

In addition, the relevant departments proactively and promptly disseminated information to units throughout the province regarding Vietnam's international economic integration. This includes information on the implementation roadmap for free trade agreements (FTAs), the Comprehensive and Progressive Trans- Pacific Partnership (CPTPP), the Regional Comprehensive Economic Partnership (RCEP), the Vietnam-Eurasian Economic Union (EAEU) Free Trade Agreement, the Vietnam-EU Free Trade Agreement (EVFTA), the Vietnam-United Kingdom Free Trade Agreement (UKVFTA), and the Asia-Pacific Economic Cooperation (APEC) Forum, among others.

According to Mr. Bien Tan Tai, Deputy Director of the Department of Industry and Trade, Vietnam's deep integration into the international economy is contributing to promoting trade between domestic and foreign businesses. Participation in new-generation free trade agreements (FTAs) is a significant step in Vietnam's international economic integration process. Currently, Vietnam has signed and participated in 17 Free Trade Agreements (FTAs), including many new-generation FTAs such as CPTPP, EVFTA, UKVFTA, RCEP, etc. In practice, these FTAs help businesses benefit from preferential tariffs, enhance market access, and provide a competitive advantage for exported goods. Furthermore, implementing commitments in these new-generation free trade agreements is an opportunity for Vietnam to improve its domestic institutions, policies, and mechanisms, while also improving the business environment and creating conditions for businesses to boost exports.

In this effort, local authorities, in coordination with the Ministry of Industry and Trade, organized and implemented conferences related to the EVFTA, UKVFTA, and RCEP agreements for export associations and businesses in Binh Thuan province. They also held meetings with these associations and businesses to understand their operational situation and provide support in resolving difficulties and obstacles. This aimed to improve the quality, efficiency, and competitiveness of businesses, thereby boosting the production and export of Binh Thuan's advantageous products, especially dragon fruit, rubber, and processed seafood.

Aiming for rapid and sustainable development.

For the period 2023-2030, Binh Thuan province has set requirements for the implementation of international economic integration tasks that are comprehensive, thorough, flexible, proactive, creative, and predictive in order to bring about tangible results and promote the rapid and sustainable socio-economic development of the province. Therefore, the locality will focus on reforming and perfecting economic institutions as well as improving the business environment and enhancing competitiveness. In particular, it will review legal documents with content related to international economic integration to proactively implement them, or propose to competent authorities to amend, supplement, replace, repeal, or issue new regulations to conform with obligations and commitments to international economic integration.

In the coming period, the locality will also strengthen ideological work and raise awareness among state management officials, businesses, and the people about international economic integration in particular and international integration in general. This will especially focus on the opportunities, challenges, and requirements that need to be met when implementing international economic integration commitments, aiming to create high consensus and effective participation in the integration process. Furthermore, it will coordinate with ministries, the Vietnam Chamber of Commerce and Industry (VCCI), and business associations to promptly and effectively respond to and handle unfavorable developments in international trade and investment that could harm the province's and Vietnam's international economic integration activities.

In the coming period, Binh Thuan will also focus on implementing several key tasks: Effectively implementing Free Trade Agreements (FTAs); Promoting post-Covid-19 economic growth and sustainable development; Comprehensive integration in the fields of culture, society, science and technology, national security and defense… This includes organizing and supporting the province's businesses and cooperatives to participate in international economic integration conferences. It will also guide and support efforts to raise awareness of trade defense measures, proactively respond to trade barriers in export markets, and take advantage of opportunities arising from the implementation of new generation Free Trade Agreements to which Vietnam is a member. Emphasis will be placed on strengthening measures to restore supply chains, ensuring the smooth and safe flow of goods and business operations as before the pandemic. In addition to addressing difficulties faced by businesses, the locality also encourages new, green, low-emission investment methods and business models, with the participation of foreign and private investors, and especially promotes the effective use of public-private partnerships in infrastructure investment…

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