Various measures to be taken to promote trade in 2019

Minister of Industry and Trade Tran Tuan Anh

To that end, it will keep a close watch of market developments in order to roll out the best business and production plans, expand its presence to foreign markets, optimise free trade agreements (FTAs), and effectively cope with protectionism and technical barriers imposed by other countries, the minister told the Vietnam News Agency in an interview.

Of note, he said, the MoIT will work to build, amend and supplement the legal system to realise the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) and promote the signing and ratification of major FTAs, especially the EU-Vietnam FTA (EVFTA), as the two deals will make Vietnam more attractive to foreign investors.

The ministry will improve its capacity for settling disputes and coping with trade protectionism, and intensify IT applications and administrative reform, Anh added.

Given uncertainties of the global economy, the Vietnamese Government, the MoIT and other ministries and agencies have employed various measures to ease the risks, according to the official.

Due attention has been paid to export market expansion, he elaborated, adding that apart from the US and China, the EU, the Republic of Korea (RoK), Japan and the Association of Southeast Asian Nations (ASEAN) have also become Vietnam’s major trade partners.

The MoIT has also stepped up trade promotion to boost production and product consumption, he said.

Reviewing the ministry’s performance in 2018, Anh said it fulfilled and overfulfilled targets set by the Government.

In the year, the ministry took the lead in cutting 675 investment and business conditions, which has created an open environment for investors while improving the efficiency of State management, he added.