Foreign enterprises praise globalization in Vietnam

Many leaders attending APEC said this was a smart move, helping Vietnam boost growth without having to rely on any agreement.

Globalization is a central theme of APEC this year, especially in the context of rising populism, with the British voting to leave the European Union, Catalonia wanting to secede from Spain, and President Donald Trump proposing the principle of “America First”. In the discussion session on the afternoon of November 8 at the APEC CEO Summit, speakers all shared the view that globalization is still the trend.

“Globalization is the only way for countries to create millions of jobs for their people and help their economies continue to grow dynamically,” said Victoria Kwakwa, World Bank Vice President for East Asia and the Pacific.

During the discussion, Mr. Philipp Rösler - member of the Executive Board of the World Economic Forum said that the world is changing because of populism. However, this is an opportunity for multilateral mechanisms, such as ASEAN. Therefore, Asia - Pacific countries should find alternatives to the US.

“If the US was there, Vietnam would benefit more. The problem is that the US is no longer here. But there are still other economies. The biggest benefits are gone, but they still decide to follow the TPP,” said Ms. Kwakwa.

Vietnam is considered a very active country in globalization, with the signing and negotiation of a series of trade agreements. Mr. Michael Sailer - General Director of Thyssenkrupp Industrial Solutions Vietnam said that Vietnam has made a smart move in negotiating many FTAs.

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“This will give you more strength. Instead of relying on just one agreement, you have many agreements, many trading partners, to promote growth. I think Europe in general and Germany in particular are also very interested in this and want to help Vietnam develop,” he said.

He affirmed that globalization is not only a trend, but also a necessity today: “I agree with Mr. Rosler's point of view that we need more trade agreements, not bilateral, but between many countries. For example in Asia-Pacific or Europe”.

Gasco CEO Nicholas Grzegorczyn also believes that globalization is inevitable and difficult to reverse. Eric L. Schmidt, CEO of EventBank (USA), expressed regret when the US withdrew from the TPP.

“I think this is a big mistake by the government. I hope at some point, they will reconsider. The US already has an advantage in the region, but withdrawing is a big mistake, especially in the context of China expanding its market,” he commented.

He also said that Vietnam is on the right track in integration. “Developing countries need new markets for their products and services. If they close, all companies will not benefit.”

According to VNE