Vietnam seeks to entrench itself in global value chain

Created 14 September 2018
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Vietnam wants to collaborate with foreign investors to strengthen its position in the global value chain, Prime Minister Nguyen Xuan Phuc has said.

Vietnam seeks to entrench itself in global value chain

“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.

Vietnam would walk alongside foreign investors hoping in return they would repose more faith in the capabilities of its businesses, he said.

Vietnam has consistently promoted free trade and globalization since these have yielded great benefits ever since the country initiated economic reforms in the late 1980s, he said.

Speaking about the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), he 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,” he said.

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

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

 

Source: VNE

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