Conference seeks to tackle challenges in international trade, investment

Sharing experience in response to challenges arising from new trends in international trade and investment was the focus of a conference held in Can Tho city on November 30, 2022.
Conference seeks to tackle challenges in international trade, investment
At the event. (Photo: VNA)

The event, which was jointly organised by the Ministry of Foreign Affairs in coordination with the People’s Committee of Can Tho city and Hanns Seidel Foundation Vietnam, offered an opportunity for the local administration and businesses to take advantage of opportunities from the new trends and create momentum for the Mekong Delta to over difficulties and lay a foundation for sustainable growth in the future.

In her remarks, Nguyen Bich Thuy, Deputy Director General of the Department for Multilateral Economic Cooperation at the Ministry of Foreign Affairs, said that the COVID-19 pandemic has affected all aspects of the socio-economic life and changed the way the economy and commercial model operate. This caused difficulties in production and business, disruption in supply and consumption chains and inflation pressure, she said.

Sharing the view, Michael Siegner, Country Representative of Hanns Seidel Foundation Vietnam, said the COVID-19 pandemic has highlighted the importance and complexity of the global supply chain. As a result, countries and businesses are focusing more on the recovery and sustainability of their supply chains, he said, adding that they have not only posed challenges but also offered great opportunities.

Meanwhile, Vo Tri Thanh, Chairman of the Vietnam National Committee for Pacific Economic Cooperation (VNCPEC), underscored the significance of digital transformation, saying the fourth Industrial Revolution allows economies to develop towards intelligent automation and optimise supply chains.

The trade wars between powers exposed the risks of financial fluctuations and energy, forcing the world economy to adapt to new ways of operations, he noted.

Given the current situation, experts said that it is essential for Vietnam to promote comprehensive international integration, focusing on international cooperation with the dynamic Asian region.

They held that, in order to join the global playing field, Vietnam needs to restructure its economy, paying attention to developing the private sector and industries with comparative and emerging advantages such as agriculture and fishery, energy, green growth and circular economy.

Participants at the conference pointed out the strengths and limitations of the Mekong Delta region in implementing international economic integration in the new period as well as the challenges of new trade and investment trends for localities and businesses in the region.

They also gave many recommendations aiming at attracting investment and improving competitiveness for localities, businesses and products in the Mekong Delta through digital transformation and multi-channel e-commerce, government support for climate-resilient agriculture.

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(Source: VNA)