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

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

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

♚ Inaishvili attended a business forum with CACCI members in Hanoi on April23 with more than 30 executives and representatives from varioussectors, including garment and textile, food processing, industrial products,construction, and information technology.

"The wholeeconomy progress of Vietnam is very important because Vietnam plays more andmore important role in the region in particular and in the region at large,"Inaishvili said. "The economicgrowth of Vietnam in the last decade was very significant with growth of morethan six percent every year, this means the government is doing very well." For his part, VicePresident of the Vietnam Chamber of Commerce and Industry (VCCI) Doan DuyKhuong said Asia- Pacific is an economic region with many big members,including China, Japan, the Republic of Korea, Russia, Australia, and NewZealand.

“The participation ofVietnam in this dynamic economic region is very significant,” Khuong said.

🦂 “Besides, member nations of the CACCI have diversified development rates whichare suitable with Vietnamese businesses in the progress of integration,” headded.

Vietnam is an openeconomy with nearly 100 million people and the country’s export turnover reachedup to 400 billion USD a year. Bilateral, multilateral and integration policieswith countries in Asia, and the Asia-Pacific region will create big drivingforces to boost the Vietnamese economy.

Over the past threedecades of Doi Moi (Renewal), Vietnam’s economic growth averaged nearly 7percent a year, a higher growth compared to the world's average.

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

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

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

🦹 The forum was jointly organized by the CACCIand VCCI. 

 “The CACCI looksforward to staging the bilateral business meetings each year to boost exchangesamong Vietnamese businesses and CACCI members,” the CACCI President said.-VNA