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Vietnam seeks to entrench itself in global value chain

By Nguyen Hoai   September 13, 2018 | 09:08 pm PT
Vietnam seeks to entrench itself in global value chain
An assembly line at a scooter factory in northern Vietnam. Photo by Reuters/Kham
Vietnam wants to collaborate with foreign investors to strengthen its position in the global value chain, Prime Minister Nguyen Xuan Phuc has said.

“The government hopes that foreign direct investors will be more open and create more opportunities for Vietnam to participate more deeply in the global value chain,” he told the Vietnam Business Summit (VBS) held on the sidelines of the World Economic Forum on ASEAN Thursday.

Though the country does participate in the value chain, “there is still work to do” since most Vietnamese businesses have only been able to do basic assembling, he said.

The PM noted that the country has consistently promoted free trade and globalization since these have yielded great benefits ever since it initiated economic reforms in the late 1980s.

Speaking about the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), Phuc said the National Assembly would consider it for ratification next January. "The pact would support Vietnam’s economy with exports and increase investment from and to Vietnam."

But there are challenges since the government would need to make changes to laws to meet CPTPP conditions, he added.

The VBS gathered over 1,000 Vietnamese and foreign business executives, who shared their experiences and assessed opportunities to invest in the country.

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