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Vietnam to push ahead with economic integration

Friday, 27 January 2017

With the US withdrawing from the TPP, Vietnam will continue its reform efforts and fulfill commitments under existing and upcoming FTAs, the Foreign Ministry spokesman said. Vietnam considers its engagement in the TPP and free trade agreements (FTAs) as part of implementing its policy of active economic integration in an extensive and inclusive manner, according to spokesman Le Hai Binh for the Ministry of Foreign Affairs.

Mr. Binh made the statement in response to media questions on Vietnam’s reaction to the US’s withdrawal from the TPP. Over the last six years, he said, the 12 members of the TPP worked hard to negotiate and conclude the signing of the trade pact, a new-generation FTA. If executed, the TPP would satisfy the common interests of all member countries, not only creating new momentum for their economic-trade relations but also holding significance for economic cooperation and connectivity as well as stability and prosperity in the Asia-Pacific region, he added.

Vietnam’s involvement in the TPP and other FTAs is also intended to improve its legal system and market economy institutions and create a new driving force to spur domestic economic growth and contribute to regional economic integration and connectivity, he noted. He affirmed that Vietnam will push ahead with its renovations and step up preparations at home to ensure the effective implementation of its commitments under signed and to-be-signed FTAs.

Source: Vietnam Economic Times (25-01-2017) http://vneconomictimes.com/article/vietnam-today/vietnam-to-push-ahead-with-economic-integration


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