What's Happening?
During a working visit to Switzerland, Vietnam's Deputy Prime Minister Nguyen Van Thang met with Jennifer DJ Nordquist, Deputy Director-General of the World Trade Organization (WTO), to discuss Vietnam's integration into the global economy. The Deputy Prime Minister emphasized
Vietnam's commitment to a multilateral trading system and proposed that the WTO focus on reforming regulations to adapt to new international trade trends. Additionally, Vietnam is seeking to enhance its capacity in trade policy and legal advice to boost exports and attract investment. The World Economic Forum (WEF) is also involved, with Vietnam aiming to strengthen its cooperation with the WEF, particularly in areas like science, technology, and financial ecosystem development.
Why It's Important?
Vietnam's efforts to enhance its integration capacity are crucial for its economic development goals, including becoming a high-income country by 2045. The support from international organizations like the WTO and WEF is vital for Vietnam to navigate global trade challenges and leverage opportunities from emerging trends. This cooperation could lead to increased foreign investment and improved competitiveness in the global market. The focus on public-private partnerships and the development of international financial centers in Vietnam could significantly boost its economic growth and integration into the global economy.
What's Next?
Vietnam plans to continue its collaboration with the WTO and WEF, focusing on areas such as digital trade, artificial intelligence, and climate change. The country is also preparing for its periodic trade policy review at the WTO in November and aims to implement technical assistance programs. The WEF is expected to play a role in connecting Vietnam with global businesses and investors, potentially leading to increased investment and economic opportunities. Vietnam's hosting of APEC Year 2027 will also be a significant event, showcasing its growing role in the international community.
