In an article posted recently on the website of the Ministry of Foreign Affairs, Deputy Prime Minister Pham Gia Khiem said Vietnam’s most important achievements are that the country has actively prepared and effectively participated in the globalisation process by establishing relations and conducting activities with international economic institutions at different levels under many different frameworks.

Vietnam has step by step joined international cooperation mechanisms by restoring its relations with different countries, financial and monetary centres and the international donors community. The country has signed bilateral agreements on economics, trade and investment and engaged in regional and inter-regional cooperative groupings such as ASEAN, and attends forums like ASEM, APEC and the WTO.

With the above-mentioned efforts, Vietnam has so far set up economic and trade ties with more than 170 nations and economies around the world and signed nearly 60 economic and trade bilateral agreements, which involved the participation of developed nations and major markets.  Notably, the country has become a full member of the WTO since January, 2007.

The Deputy PM stressed that the promotion of economic integration helps Vietnam not only enhance its economic potential and speed up growth and development but also expands its markets and economic and trading partners.

In the late 1980s, Vietnam’s foreign trade turnover was less than US$5 billion with its only major partners being a number of eastern European countries. Last year’s foreign trade turnover hit approximately US$85 billion and is predicted to be far higher this year and in the years to come.

Through international integration, Vietnam has taken advantages of foreign investment capital and Official Development Assistance (ODA) sources. Currently, Vietnam has established trade relations with more than 70 countries and territories, many big corporations and multinational and trans-national companies in the fields of technology and finance. With around 7,000 projects capitalised at over US$60 billion, Vietnam is considered one of the most attractive countries in terms of foreign direct investment in the region.

Since 1993, donors pledged around US$35 billion to Vietnam to contribute to developing the infrastructure and conducting programmes on bridging the gap between rich and poor and launched many poverty reduction programmes.

The Deputy PM said that international integration will also help Vietnam boost its reform process, perfect its legal framework, create a favourable environment for production and business activities, and improve the competitive edge of enterprises.

Apart from these advantages, the Deputy PM also pointed out the difficulties and challenges faced by Vietnam such as limitations in its ability to integrate internationally, inconsistent management, trade barriers and protection measures.

The deputy PM affirmed that international integration is an inevitable trend and will bring about many benefits to the country. He has also come up with five ways for Vietnam to comprehensively integrate into the world’s economy.

Along with the implementation of the State’s major policies for rapid and sustainable development, Mr Khiem said it is necessary to raise the public’s awareness, especially enterprises, of globalisation and international economic integration by providing information on economic mechanisms, international trade as well as Vietnam’s international commitments in terms of trade and economics.