Hanoi (VNA) – Since its World Trade Organisation(WTO) membership in 2007, Vietnam has engaged in more than 500 bilateral and multilateralagreements in various fields, including 7 free tradeagreements (FTAs).

It has also set up economic ties with around 230 nations andterritories and is now a strategic partner of 17 countries.

This position has created outstanding motivations helpingthe country realise its growth goals, continue comprehensive innovation, and steadilymove forward in its development path with great achievements after 36 years ofDoi Moi (Renewal) and the 16-year WTO membership.

With its increasing international position and reputation,Vietnam is entering a new phase of international economic integration with acompletely new posture, and is confident in participating in global economiclinkages.

Despite a lot of difficulties caused by the COVID-19pandemic in the 2020-2022 period, Vietnam’s import-export turnover surpassedthe 700-billion-USD mark for the first time last year to top 732.5 billion USD,up 9.5% year-on-year.

Notably, 2022 also marked the seventh consecutive year Vietnamhas recorded a trade surplus, with a value of over 11 billion USD.

In addition, Vietnam has also become an attractivedestination for foreign investors. As of late 2022, the country had attractednearly 439 billion USD in 36,278 projects from more than 140 nations andterritories.

Nguyen Thi Thu Trang, director of the World TradeOrganisation (WTO) and Integration Centre at the Vietnam Chamber of Commerceand Industry (VCCI), attributed the achievements to the country’s bravery inopening its economy through the accession to the WTO and participation in FTAs.

FTAs have opened doors for Vietnamese exports, andcreated more opportunities for the country to join the global valuechain and production network. In particular, in the context of COVID-19,new-generation FTAs such as the EU-Vietnam Free Trade Agreement (EVFTA), theComprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), theUK-Vietnam FTA, and the Regional Comprehensive Economic Partnership (RCEP) havebecome "medicine" for Vietnam's economy to recover post pandemic.

According to statistics of the General Department of Customsunder the Ministry of Finance, in 2021, Vietnam’s trade withFTA partners hit 480 billion USD, up 22.5% year-on-year, accounting for nearly72% of its total import-export turnover with the whole world./.