Enhancing Business Integration

10:56:40 AM | 8/1/2020

Our economy is advancing intensive international integration, with many cooperation agreements signed with international organizations and countries around the world. The accession to many international organizations and forums has provided ample opportunities and posed challenges to businesses in Vietnam in general and in Dak Lak province in particular.

To assist local companies with successful integration, Dak Lak province cooperated with the Ministry of Industry and Trade, the Ministry of Foreign Affairs, the Vietnam Chamber of Commerce and Industry (VCCI) and relevant bodies to open seminars, training classes and training courses to provide local companies with information and instruction on fulfilling international cooperation commitments in ASEAN, WTO, APEC and ASEM; improve qualifications and skills of negotiation, contract signing and dispute settlement in logistics. In addition, the province updated information on new regional and global developments, cooperation trends, and international economic connectivity, especially amid Industry 4.0, necessary preparations for effective enforcement of new-generation free trade agreements (FTAs) that Vietnam joined, thus helping local enterprises to build regional and international integration roadmaps, particularly in product branding, capacity building and governance improvement.

In particular, the province has carried out many programs and projects like a project to improve Vietnamese export competitiveness to 2020, with a vision to 2030, for Dak Lak province; the project to increase productivity and product quality of small and medium-sized enterprises in Dak Lak province from 2014 to 2020; a plan to better the business environment and sharpen local competitiveness; a plan to support innovation startup in Dak Lak province to 2020, with an eye to 2025. The province also supported local firms to join trade fairs and exhibitions in the region, coordinated with other provinces to launch meetings, experience sharing events, partner seeking events and market seeking trips to establish trade ties and boost trade and investment relations.

Besides, the province strengthened cooperation, signed and effectively carried out economic cooperation agreements, especially in trade, with FTA-joining countries. To date, Dak Lak has signed 12 agreements with Southern Laotian provinces; 11 agreements with Mondulkiri province of Cambodia; a memorandum of understanding with Jihosesky Craj Region of Czech Republic, and three cooperation agreements with Jeollabuk Province of South Korea. In the coming time, Dak Lak plans to foster cooperation with many countries in the world.

Many businesses promoted their advantages, actively sought and expanded markets, integrated more deeply into the world economy, and played a leading role in the province's import and export. Agricultural exports such as coffee, pepper, rubber and honey have been strong products of Dak Lak province for years. Particularly in 2018, its export value totaled US$600 million. Its products have been exported to more than 63 countries and territories around the world, especially major demanding markets such as the United States, Japan, the United Kingdom and France.