A workshop discussing measures to improve the effectiveness of the implementation of the Regional Comprehensive Economic Partnership (RCEP) agreement and enhance the autonomy of Vietnam’s economy in the context of international integration was held in Hanoi on January 20.

The workshop, "Making RCEP work for economic well-being and autonomy in Vietnam: Required reform of trade and investment institutions", was co-hosted by the Central Institute for Economic Management (CIEM) and the Australia Supports Economic Reform in Vietnam (Aus4Reform) programme.

It aims to assess trade and investment activities between Vietnam and other RCEP members, clarify institutional and structural issues that may affect the ability to take advantage of the opportunities, and address the challenges posed by the deal, thus proposing institutional reforms.

According to CIEM Director Dr Tran Thi Hong Minh, in addition to efforts to realise the “dual goal” of controlling COVID-19 and resolving the difficulties and challenges posed by the pandemic for business and production, Vietnam has continually integrated into the international economy and posted outstanding results.

The RCEP creates a large market of great potential for Vietnamese exports, analysts said, adding that the country’s imports can also benefit from the agreement.

Joining the deal also presents more opportunities for Vietnam to attract FDI from investment being shifted out of China due to the impact of the US-China trade and technology war, participants said.

They also underlined the importance of institutional reform in improving the national economy’s autonomy.