Vietnam committed to integration, but not at any cost or through dependence on single partner: PM

Vietnam views international economic integration as a key gateway to connect the country with the world and bring its economy closer to global standards, Chinh said at the announcing ceremony of the 2024 FTA Index on Tuesday.

To date, Vietnam has signed and implemented 17 free trade agreements (FTAs) with more than 60 partners across five continents, demonstrating the country's commitment to trade liberalization, fair competition and sustainable development, PM Chinh said.

Vietnam is building an independent, self-sufficient economy while actively and proactively integrating into the global economy, he added.

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.

He 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 optimize 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.