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Asian-Pacific, Vietnamese businesses explore potential

An official from the Confederation of Asia Pacific Chambers of Commerce & Industry (CACCI) has said Vietnamese businesses have big trade potentials.

"Potentials of Vietnamese businesses are very big, there was huge development in the last ten years,” CACCI President Jemal Inaishvili told Vietnam News Agency.

“And there are bigger potentials to Vietnam in the time to come, especially when several trade accords are coming into effect."

Inaishvili attended a business forum with CACCI members in Hanoi on April 23 with more than 30 executives and representatives from various sectors, including garment and textile, food processing, industrial products, construction, and information technology.

"The whole economy progress of Vietnam is very important because Vietnam plays more and more important role in the region in particular and in the region at large," Inaishvili said.

"The economic growth of Vietnam in the last decade was very significant with growth of more than six percent every year, this means the government is doing very well."

For his part, Vice President of the Vietnam Chamber of Commerce and Industry (VCCI) Doan Duy Khuong said Asia- Pacific is an economic region with many big members, including China, Japan, the Republic of Korea, Russia, Australia, and New Zealand.
“The participation of Vietnam in this dynamic economic region is very significant,” Khuong said.

“Besides, member nations of the CACCI have diversified development rates which are suitable with Vietnamese businesses in the progress of integration,” he added.

Vietnam is an open economy with nearly 100 million people and the country’s export turnover reached up to 400 billion USD a year. Bilateral, multilateral and integration policies with countries in Asia, and the Asia-Pacific region will create big driving forces to boost the Vietnamese economy.
Over the past three decades of Doi Moi (Renewal), Vietnam’s economic growth averaged nearly 7 percent a year, a higher growth compared to the world's average.

To date, Vietnam has attracted more than 310 billion USD from foreign direct investment, of which nearly 80 percent has come from Asia-Pacific nations.

Vietnam has signed a total of 17 trade deals, of which 10 have become effective, 2 have been signed but are yet to take effect, while negotiations have concluded on 2 deals and are on the way for three others. 

In March, 2018, Vietnam signed the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), which looks to remove tariff barriers in the region towards progressive, open and equal trade. The pact will create one of the world’s largest free trade blocs with a combined market of 499 million people and GDP of about 10.1 trillion USD, accounting for 13.5 percent of global GDP.

The forum was jointly organized by the CACCI and VCCI.

“The CACCI looks forward to staging the bilateral business meetings each year to boost exchanges among Vietnamese businesses and CACCI members,” the CACCI President said.