An issue of economic integration in Vietnam
- Author Pham Thi Thanh Xuan
- Co-Author Thi Thuy Hoa Phan, Hai Nam Vu, Van Huong Dong
- DOI
- Country : Vietnam
- Subject : Transport
Keywords : economy, management, policies, integration
Abstract
Available data paints a positive picture for the third quarter, despite the challenging external environment. Industrial production continued to surge in July and August, buttressed by the manufacturing sector, while retail sales rose slightly over 12% year-on-year in the same period. The total import-export turnover of 2018 is expected to reach US$475 billion, including US$239 billion from export turnover, up 11.2 per cent compared to 2017. Vietnam has fully tapped into traditional markets and has sought ways at making inroads into new markets. In particular, exports of Vietnamese goods to FTA markets have seen high growth compared to figures from last year. The rate of optimizing advantages in the markets since signing FTAs with Vietnam reached about 40%, a sharp rise against the figure of 35% from the previous years. Such figures prove that Vietnamese businesses have attached importance to the opportunities presented by FTAs. Despite progress, some localities remain confused by the implementation of international economic integration due to a lack of capability, connectivity, and support between FDI and domestic sectors, with small and medium-sized enterprises (SMEs) in particular being affected. In addition, there remains limitations in disseminating information on the integration process, the capacity to resolve trade disputes and international investment. The global economy has recently shown signs of change with the rising trend of trade protectionism, which has seriously threatened the trade liberalization and global economic integration process.
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