Hanoi: Vietnam views international economic integration, particularly through free trade agreements (FTAs), as a key gateway to connect the country with the world and bring its economy closer to global standards, Prime Minister Pham Minh Chinh said at the announcing ceremony of the 2024 FTA Index on April 8. To date, Vietnam has signed and implemented 17 FTAs with more than 60 partners on all the five continents, demonstrating the country’s commitment to trade liberalisation, fair competition and sustainable development, PM Chinh said.

According to Vietnam News Agency, the Prime Minister emphasized the importance of these agreements in promoting Vietnam’s economic growth and global standing. By engaging in these FTAs, Vietnam aims to enhance its economic competitiveness and foster sustainable development that aligns with international norms. The nation’s active participation in such agreements reflects its strategy to integrate deeply into the global economy while ensuring that the benefits of trade are maximized for its citizens.

Furthermore, PM Chinh highlighted that while integration and advancement are crucial, they should not come at any cost. The focus remains on balancing growth with fair practices, ensuring that Vietnam progresses in a way that is equitable and environmentally sustainable. The approach underscores the country’s dedication to maintaining its cultural and economic integrity while engaging with the global market.

The comprehensive approach to international economic integration, as outlined by PM Chinh, is seen as a vital step for Vietnam in achieving its long-term economic goals, fostering innovation, and securing a robust position in the international arena.