VN firms cosy up to Asia-Pacific partners

Wednesday, Apr 25, 2018 08:34

Workers produce a batch of t-shirts at TNG Fashion’s garment factory in Thai Nguyen Province. — VNA/VNS Photo Hoang Nguyen

Vietnamese enterprises must band together with their Asia-Pacific partners for stronger growth.

Said conclusion was reached at yesterday’s conference on strengthening the connection and partnership between Viet Nam’s firms and members of the Confederation of Asia-Pacific Chambers of Commerce and Industry (CACCI).

Speaking at the conference, Doan Duy Khuong, Vietnam Chamber of Commerce and Industry (VCCI)’s Vice Chairman, appreciated the important cooperation between the VCCI and the CACCI, and between Viet Nam and regional countries.

Khuong emphasised the importance of such regional collaboration, especially in the context of increasing international economic integration.

Jemal Inaishvili, President of the CACCI, noted the Vietnamese business community’s effort in recent years, with significant economic development progress.

He believed such growth has demonstrated the government’s efforts to create a smooth and favourable business environment for both local and international firms.

Seeing how the Asia-Pacific region can be considered the largest consumer market in the world with a multitude of rising powers such as Japan, China and South Korea, and a total GDP accounting for 60 per cent of the world’s, the area is full of potential, added Khuong.

He also mentioned that since the signing of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), cooperation with major economies and markets would soon be virtually unlimited for Vietnamese businesses, in order for them to accelerate operations, trade, while gaining access to advanced production technology and improved management and administration.

Coupled with collaboration from Asia-Pacific’s enterprises, Khuong was certain that Viet Nam’s firms will gain competitiveness and the whole economy will be significantly improved.

Organised by the VCCI, yesterday’s event aimed to create a bridge between and to help both sides’ businesses find suitable cooperation and investment opportunities.

At the same time, the VCCI hoped to reach out to senior members of CACCI’s, one of the largest organisations representing the Asia-Pacific region’s business community.

The event was part of Inaishvili’s visit to Viet Nam, along with over 30 representatives from CACCI’s member corporations, most notably from Australia, India and Nepal, specialising in textile, garment, cosmetics, consumer goods, food distribution and processing, pharmaceuticals, chemicals, industrial products distribution, construction, IT, and tourism.

Inaishvili expressed his wish to invite representatives from the VCCI and other Vietnamese business delegations to join the CACCI Summit later this year in Istanbul, Turkey.

Earlier in April, VCCI had worked with the CACCI and the General Department of Customs of Vietnam on a project to update the 2010 Incoterms, or International Commercial Terms, and a 2020 draft, in order to update and discuss previous experiences and mistakes in the fields of import, export, insurance, banking and finance. — VNS

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