Vietnam to accelerate international economic integration: resolution

Resolution No. 93/NQ-CP was issued on July 5, aiming to raise the efficiency of international economic integration, and spur economic development in a rapid, sustainable manner for the 2023-2030 period.

Its general objective is to successfully materialise major policies and guidelines adopted at the 13th National Party Congress in the context that Vietnam is implementing the 2021-2025 socio-economic development plan, and the 2021-2030 socio-economic development strategy.

It puts forward the main targets of building an economy of independence and self-reliance, promoting science-technology and innovation, quickly overcoming adverse impacts of the COVID-19 pandemic, raising Vietnam’s position in the international arena, and ensuring national security, among others.

Economic integration benefits should be transformed into specific outcomes in exports and imports, the document said, pointing to other tasks like improving the efficiency of capital use of the national economy, advancing Vietnam’s position in the global value chain, and perfecting and raising the quality of institutions and laws.

Under the resolution, Vietnam will continue with economic restructuring, push ahead with industrialisation and modernisation, and narrow development gaps with more developed countries in the region and the world.

The country will also enhance the public-private partnership, and mobilise social resources, including the support of multilateral mechanisms, non-governmental organisations and the business community, in the fulfillment of its international commitments, particularly those in free trade agreements (FTAs).

In the resolution, the government ordered the strengthening of the economy’s resilience to external negative impacts, as well as its response capacity against threats to trade and economic integration, consolidating the trade remedy system, and sharpening the competitiveness of the economy, businesses and products.

The document also stressed the need to raise the awareness of the role and position of international law in Vietnam’s economic integration, and develop high-quality personnel, meeting requirements of the Fourth Industrial Revolution, and intensive, extensive international integration.

Notably, the resolution touched upon digital economy integration, which it said helps Vietnam achieve targets set in the national strategy on digital economy and digital society development by 2025 with a vision towards 2030.

To that end, it set out the important solutions of reforming and perfecting economic institutions, improving the business environment and competitiveness, effectively implementing FTAs, boosting post-pandemic growth and sustainable development, and comprehensive integration in culture, social affairs, science-technology, and national defence and security.