Illustrative image (Photo: VNA)

The article said after joining the World Trade Organization in 2007 and many regional conventional trade agreements with many significant economies, Vietnam has become a member of the “new era” global free trade agreements that form the biggest trading blocks of the world today as well as free trade agreements with the European Union, Japan and South Korea.

It noted that Vietnam’s position in the World Bank’s annual ease of doing business ratings has climbed from 91 in 2010 to 70 out of 190 countries in 2019, adding that the country has also begun to look away beyond low-tech manufacturing to high value added and high tech sectors.

Vietnam has thrown its weight behind high-value industries such as electronics and software engineering, positioning itself to capitalise upon the fourth industrial revolution, the article said.