Policymakers urged to adapt

The report from the ministry showed that in November, the country's total export turnover reached US$14.3 billion, posting an 8 per cent year-on-year rise. In the first 11 months of the year, the total export turnover was $148.7 billion, increasing 8.3 per cent over the same period last year. — VNA/VNS Photo Tran Viet

HA NOI (Biz Hub) — Agencies under the Ministry of Industry and Trade should adapt their management practices and policies to reflect the new economic reality, said deputy minister Tran Quoc Khanh.

Khanh told the conference on free trade agreements (FTAs) held in Ha Noi yesterday that a range of FTAs which Viet Nam has signed with big countries in the world would have a big impact on the country's export structure and macroeconomic control.

In the year of 2015, Viet Nam signed four important pacts with big markets including Trans-Pacific Partnership (TPP), FTA between EU and Viet Nam (EVFTA), Viet Nam-EEU (the Eurasian Economic Union) and FTA between Viet Nam and South Korea.

All of the pacts would have a big impact on the industrial and commercial sectors under the ministry, he said, adding that the ministry's departments and relevant agencies must regularly update information on market and legal framework in big markets to take advantage from the partners, thus increasing exports.

He emphasised that the thoughts of policy makers should be changed as all of the management would be based on the committed pacts.

A further requirement is to have strong interaction with businesses. Policies, regulations and documents should be published on the internet 60 days prior to their issuance to collect ideas from the enterprise community.

"The transparency is vital. Policymakers should be ready to exchange ideas and interact with firms," he added.

It can be seen that all of the four FTAs have high standards with content which was not mentioned in previous pacts.

Bui Huy Son, director of the ministry's Trade Promotion Agency said the signed FTAs would create big opportunities for Viet Nam in increasing its exports and reducing the trade deficit.

It was important that goods in the markets which Viet Nam has signed the pacts could support each other without direct competition, Son said.

In addition, with important partners such as Japan, South Korea and the US, the signings would play a vital role in providing materials for Viet Nam's production and creating momentum for exports.

Experts forecast that alone EVFTA could help Viet Nam's GDP increase by 15 per cent and exports to EU rising by 30 per cent to 40 per cent after the FTA's implementation. — VNS