Vietnam urged to quickly adapt to new trends of global trade
(VOVWORLD) - Vietnam needs to quickly adapt to the global trade tensions, implement trade policies flexibly and efficiently, and deliver commitments made in Free Trade Agreements (FTAs), according to a seminar in Da Nang city on Monday.
 Nguyen Manh Tien, Deputy Chairman of the National Assembly's Committee for Foreign Affairs, speaks at the seminar. (Photo: Dinh Thieu/VOV central region bureau) |
Delegates at the event assessed the implementation of international treaties and FTAs, the practical benefits brought by FTAs to Vietnam in investment, trade, labor, and institutional improvement, the challenges posed in implementing FTAs amid geopolitical conflict escalation and trade tensions between major economies.
Nguyen Manh Tien, Deputy Chairman of the National Assembly's Committee for Foreign Affairs, said that the world is changing very quickly. A multipolar world has clearly taken shape. In the past, the standards and criteria in many agreements signed with Western countries must follow those of Western countries.
“Now when there is a multipolar world, criteria and standards are different. So we should apply ‘bamboo diplomacy’ in the economic field to ensure the highest national interests,” according to Tien.
According to the National Assembly's Committee for Foreign Affairs, Vietnam is a member of 16 FTAs, adding that the effective implementation of these pacts has helped Vietnam expand and diversify markets and engage more deeply in the global supply chain and production network.