Opportunities and challenges for Vietnamese businesses during their East Asian economic integration process were discussed at a workshop in Hanoi on August 22.
Domestic businesses should renovate their products and develop supporting industries (Photo:VNA)
Opportunities and challenges for Vietnamese businesses during their East Asian economic integration process were discussed at a workshop in Hanoi on August 22.
The event, jointly organised by the University of Economics, under the Vietnam National University-Hanoi and the Intersectorial Steering Committee for International Economic Integration, was a forum for domestic and foreign scholars and experts to discuss the regional integration as well as opportunities and challenges from the process for Vietnamese businesses, thus proposing policies for the effective integration.
According to experts, the East Asian economic integration is a multilateral cooperation mechanism between ASEAN and three northeast Asian countries, namely China, Japan and the Republic of Korea (RoK) with a view to boosting trade and investment relations between the two sides.
In addition to investment and cooperation, participants pointed out challenges for Vietnamese firms such as fierce competition on commodities in the region and high technical barriers from Japan and the RoK.
They suggested domestic businesses renovate their products and develop supporting industries.-VNA
Hosting the Asia-Pacific Economic Cooperation (APEC) forum in 2017 is a step to concretise Vietnam’s extensive international integration policy, Deputy Prime Minister Pham Binh Minh told the press following the debut of the APEC 2017 National Committee in Hanoi on July 21.
Minh, who is also the Committee Chairman, said the APEC forum is a regional and global leading economic cooperation mechanism, and it holds a strategic importance in both political and economic terms to Vietnam.
Vietnam’s joining of the Association of Southeast Asian Nations (ASEAN) 20 years ago marked the country’s first breakthrough in international integration, contributing to the implementation of the Party’s foreign policy of multilateralisation and diversification, Deputy Prime Minister and Foreign Minister Pham Binh Minh told the press.
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Antoine Colin, Senior Vice President for Global Supply Chain Digital Transformation & Resilience at HP Inc., affirmed HP’s strategic commitment to building a supply chain and ecosystem in Vietnam and the region.
Deputy Director General of the Ministry of Industry and Trade (MoIT)’s Trade Promotion Agency Bui Quang Hung emphasised that logistics has evolved from a technical function into a core capability for Vietnamese exporters to maintain their competitive advantage in the US market.
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The event, co-organised by the Vietnam Trade Office in the UK and TT Meridian, a local importer of Vietnamese fresh produce, aims to build a national lychee brand and encourage broader recognition of Vietnamese fruits in a competitive, high-end market.
The industry's performance has been powered by bold investments in modern production lines, enabling Vietnamese firms to produce complicated products which were exclusive to advanced economies.
Domestic businesses should renovate their products and develop supporting industries (Photo:VNA)
