Domestic market is "pile of gold" for businesses: official

The Vietnamese market with 90 million population and huge purchasing power is "the pile of gold" which businesses have left aside to run after export, said Mr. Ngo Chung Khanh, deputy head of Multilateral Trade Policy Department under Ministry of Industry and Trade on Thursday.

Customers at a Co.opMart supermarket in HCMC (Photo: SGGP)

Customers at a Co.opMart supermarket in HCMC (Photo: SGGP)

He was speaking at a forum on international integration hosted by HCMC Central Institute for Economic Management with the attendance of nearly 300 businesses.
Amid the context in which protectionism has been enlarged, technical barriers have been on the rise and tariffs have been cut down according to free trade agreements (FTAs), businesses should return to the domestic market, he said.
Vietnam has signed, implemented and negotiated 17 FTAs. Of these, ten have been signed and come into effective, two have been signed but not effective, two are in waiting signature and three others are under negotiation.
Vietnam’s door openness is very high especially in Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) and EU-Vietnam Free Trade Agreement.

By THUY HAI – Translated by Hai Mien

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