VN needs better policies for improved global integration
VN needs better policies for improved global integration
Viet Nam needs to complete the legal framework to improve its position in the global economic integration, Chairman of the National Assembly's Committee for Economics Nguyen Van Giau said on August 27.
Speaking at the Autumn Economic Forum 2015 on the morning, Giau said according to the Vietnam Chamber of Commerce and Industry (VCCI), only 30 per cent of Vietnamese exports benefit from tax reductions included in the country's free trade agreements with other nations.
He said made-in-Viet Nam products did not have a strong-enough influence on overseas markets.
Vice versa, foreign products have increased their impact on the domestic market in terms of both volume and quality, he said.
In fact, the competitiveness of Viet Nam at the country level, enterprise level and product level in the domestic market is low and many enterprises are unaware of the opportunities and challenges that they get from global integration.
Global integration also creates some problems for the Vietnamese government in social development, national security and the management of immigrant labour.
Giau said Viet Nam has been involved in the global economic integration process for the past eight years, since it joined the World Trade Organisation in 2007.
He said while global integration had brought several benefits to the country, it also posed some economic problems.
Although Viet Nam has been taking good advantage of the opportunities that global integration has brought, the outcomes have been less than expected and the country has not realised its huge potential yet, he said.
The Autumn Economic Forum 2015 is the last forum that the National Assembly in its 13th term will organise.
This year, the forum will address and discuss topics related to Viet Nam's economic integration and sustainable development in the global market.
