Minister promises support for local firms amid int’l integration

Hanoi (VNA) – Minister of Industry and Trade Tran Tuan Anh pledged continued support for domestic businesses in the context of international economic integration while fielding questions raised by National Assembly deputies on October 31.

At the question-and-answer session, part of the parliament’s ongoing sixth session, deputy Truong Anh Tuan of Nam Dinh province said other countries have used trade remedies to protect their domestic production. He asked the Ministry of Industry and Trade about measures to protect and assist Vietnamese enterprises amid international economic integration.

Meanwhile, Mai Thi Anh Tuyet, a lawmaker representing An Giang province, asked the minister about ways to help Vietnamese retailers to develop in the face of competition from foreign firms in the country.

Replying to the queries, Minister Anh said his ministry has devised many solutions to assist businesses to actively make use of free trade agreements, including the EU-Vietnam Free Trade Agreements (EVFTA) and the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP).

It will build an early warning system, continue helping companies capitalise on the domestic market, and build a mechanism for coordinating with associations and trade organisations to support businesses in case of trade disputes with other countries, he noted.

The domestic market is facing the competitive pressure from foreign enterprises, the official said, adding that opening the market to foreign firms is a must as Vietnam is a member of the World Trade Organsation.

In a report submitted to the Politburo on the plan to develop Vietnamese goods and domestic trade, the ministry proposed a number of solutions, including perfecting trade infrastructure and developing human resources. The important thing is to improve the competitiveness of Vietnamese goods, including by restructuring agriculture and industrial products, Minister Anh said.–VNA