Promoting international economic integration for sustainable development

On the morning of May 30, in Binh Duong province, the Inter-sectoral Steering Committee for International Economic Integration coordinated with the Department of Industry and Trade - the Standing Agency of the Steering Committee for International Economic Integration of Binh Duong province to organize the Conference "Propaganda Conference on International Economic Integration in Binh Duong province in 2024".

The conference was held to evaluate Vietnam's international economic integration process in the recent period and to orient the implementation of international economic integration in the coming time. Along with that, it supported agencies, units and enterprises in Binh Duong province to better understand the Vietnam-Israel Free Trade Agreement (VIFTA) coming into effect in the coming time.

Delegates attending the Conference "Propaganda Conference on International Economic Integration in Binh Duong Province in 2024" - (Photo: Thanh Minh)

Attending the conference were Mr. Pham Trung Nghia - Deputy Chief of Office of the Inter-sectoral Steering Committee for International Economic Integration (Ministry of Industry and Trade); Ms. Nguyen Minh Phuong - Head of Department, Asia - Africa Market Department (Ministry of Industry and Trade); Ms. Tran Thi Thu Huyen - Head of Department, International Cooperation Department (Ministry of Finance).

There were also members of the Binh Duong Provincial International Integration Steering Committee, representatives of leaders of departments, branches, industry associations and the business community in Binh Duong province.

Ms. Phan Thi Khanh Duyen - Deputy Director of the Department of Industry and Trade of Binh Duong province - (Photo: Thanh Minh).

Speaking at the opening of the conference, Ms. Phan Thi Khanh Duyen - Deputy Director of the Department of Industry and Trade of Binh Duong province emphasized that in recent years, basic policies on international economic integration have been mentioned in many important resolutions and directives of the Party and State, becoming one of the top priority and key tasks.

Currently, the international integration process is evolving in a complex and unpredictable manner in the context of the unstable world economic and political situation and major economies frequently making adjustments to trade policies. Therefore, updating and grasping new trends in international economic integration, as well as assessing the impact and recommendations on international economic integration policies in the coming time are extremely necessary to be able to effectively implement international integration.

“In addition to promoting socio-economic development, Binh Duong also actively expands bilateral and multilateral cooperation in many fields. Up to now, Binh Duong province has established bilateral cooperation relationships with 11 foreign provinces and cities and is an official member and a reliable partner of 3 international organizations, including: World Intelligent Community Forum (ICF), Horasis Asia Economic Cooperation Forum and World Trade Center Association (WTCA)” - Ms. Phan Thi Khanh Duyen informed.

Ms. Nguyen Minh Phuong - Head of Department, Asia - Africa Market Department, Ministry of Industry and Trade - (Photo: Thanh Minh).

At the conference, representatives of the Steering Committee for International Economic Integration, the Department of Asian-African Markets (Ministry of Industry and Trade) and the Department of International Cooperation - Ministry of Finance presented many contents related to the process of international economic integration of Vietnam in the recent period and the orientation of implementing international economic integration in the coming time; as well as opportunities and challenges for enterprises in Binh Duong province regarding the roadmap for tariff reduction according to the commitment in the Vietnam - Israel Free Trade Agreement (VIFTA).

Ms. Tran Thi Thu Huyen - Head of Department, International Cooperation Department - Ministry of Finance - (Photo: Thanh Minh).

Accordingly, in order for agencies, units and the business community of Binh Duong to better understand the opportunities and challenges when the Vietnam - Israel Free Trade Agreement is implemented, Ms. Tran Thi Thu Huyen - Head of the Department of International Cooperation (Ministry of Finance) presented the content: Tariff commitments in the Vietnam - Israel Free Trade Agreement (VIFTA): Opportunities and challenges for businesses in Binh Duong province.

Meanwhile, a representative of the Asia-Africa Market Department (Ministry of Industry and Trade) shared about the opportunities for textiles, footwear, machinery, equipment, spare parts and agricultural products when implementing the Vietnam-Israel Free Trade Agreement. Along with that are the issues raised for localities and the Vietnamese business community in general and Binh Duong in particular.

Also at this conference, Mr. Pham Trung Nghia - Deputy Chief of Office of the Inter-sectoral Steering Committee for International Economic Integration (Ministry of Industry and Trade) presented the core points on the trend of international economic integration as well as assessed the impact and recommendations on international economic integration policies in the coming time.

Particularly for Binh Duong province, Mr. Pham Trung Nghia made many recommendations to this locality such as: Focusing on exploiting the trade shift and investment shift of countries out of China. At the same time, focusing on exploiting the Chinese market because China has been, is and will be an important market for Vietnam for both exports and imports for both official and border trade, for both standard and non-standard goods...

In addition, Mr. Pham Trung Nghia noted that businesses also need to exploit opportunities in markets where Vietnam has Free Trade Agreements, especially Europe (EU), Canada, Mexico, Israel, and pay close attention to the issue of origin of goods (C/O), and sustainable development (labor, environment).

Mr. Pham Trung Nghia - Deputy Chief of Office of the Inter-sectoral Steering Committee for International Economic Integration, Ministry of Industry and Trade - (Photo: Thanh Minh).

Regarding foreign investment, the representative of the Inter-sectoral Steering Committee for International Economic Integration also recommended that Binh Duong proactively seek cooperation opportunities with foreign partners through embassies and chambers of commerce of countries located in Vietnam.

Mr. Nghia also shared that for officials working on international economic integration, it is necessary to improve research capacity, closely follow economic and political developments in the world, the region and major countries, and issues on international economic integration to forecast and advise effectively.

In addition, Binh Duong needs to strengthen information and propaganda on the benefits and results of implementing Free Trade Agreements on mass media. At the same time, organize specialized training, organize forms of guidance to improve in-depth understanding for businesses on how to take advantage of Free Trade Agreements (rules of origin, quarantine, technical barriers, ...), legal capacity, and competitiveness of businesses.

“For the business community, it is necessary to proactively and actively seek information on commitments on international economic integration, focus on learning and grasping information on the market, tax reduction roadmap and issues related to their business products to have appropriate strategies to adjust production, business and competition to take advantage of opportunities brought about by Free Trade Agreements,” Mr. Pham Trung Nghia noted.

Through the conference, agencies, units, associations and enterprises in Binh Duong province have an overview of international economic integration in the new situation and the opportunities and challenges when implementing the Vietnam - Israel Free Trade Agreement. At the same time, update useful information when participating in international economic integration, thereby contributing to the development of the international economic integration process of Binh Duong.

Over the years, Binh Duong province has always been considered one of the leading provinces and cities in the country in terms of socio-economic development speed and foreign direct investment (FDI) attraction speed.

As of May 2024, Binh Duong has attracted nearly 4,300 foreign direct investment projects with a total investment capital of nearly 40.6 billion USD from 65 countries and territories, ranking third in the country after Ho Chi Minh City and Hanoi. In 2023 alone, Binh Duong attracted 1.54 billion USD, including 140 new projects, 55 capital adjustment projects and 139 projects contributing capital to buy shares.

Source: https://congthuong.vn/binh-duong-day-manh-hoi-nhap-kinh-te-quoc-te-de-phat-trien-ben-vung-323205.html