A photo of Ho Chi Minh City (Source: VNA) Hanoi (VNA) – Vietnam has beendeveloping strongly after joining the World Trade Organization (WTO) 10 yearsago thanks to expansion of relations and reform policies.
The admission to the WTO opened a wide door forthe Southeast Asian country to enter the global playground, experts said.
According to the Ministry of Industry and Trade,Vietnam has maintained an annual average economic growth of 6.29 percent since2007 despite impacts from the global financial and public debt crises.
Vietnam’s per capita gross domestic product(GDP) increased from just 730 USD in 2006 to 2,228 USD in 2015 and reached2,445 USD in 2016.
The economic structure has shifted towardsincreasing the proportion of industry and services while reducing the ratio ofagriculture.
Notably, Vietnam has recorded an annual exportgrowth of 12-14 percent since it became a member of the WTO. In 2016, the country’sexport turnover increased by 3.5 times against 2006.
Moreover, after 10-year membership, Vietnam hasattracted over 22,000 foreign direct investment (FDI) projects with a totalregistered capital of nearly 300 billion USD. Particularly, many global leadinggroups such as Samsung, LG, Toyota, Honda and Canon have selected Vietnam as amanufacturing base.
The country has already signed 12 bilateral andmultilateral free trade agreements (FTA) and concluded negotiations on theEU-Vietnam Free Trade Agreement (EUFTA) and the Vietnam-Korea Free Trade Agreement(VKFTA), including new-generation pacts with high commitments such as theTrans-Pacific Partnership (TPP) Agreement.
Vietnam is also forging ahead with negotiationson four other FTAs, including the Regional Comprehensive Economic Partnership(RCEP), which is expected to become a century FTA stipulating all tradeactivities of the whole ASEAN region.
Such agreements are opening up opportunities forVietnam to develop stronger and have free trade relations with 55 globalpartners, including those in G7 and 15 out of the G20 members.
Former Deputy Minister of Industry and TradeLuong Van Tu, who was once WTO chief negotiator, said after joining the WTO,Vietnamese businesses have seized opportunities as the flow of FDI into thecountry surged. They have also accumulated experience and received technologiesand management skills from big companies of developed nations such as the USand Japan.
The competition pressure also helped domesticenterprises grow stronger. Many firms have proactively sought markets and boostlinkages foreign partners to promote exports, he added.
Chairman of the Board of Directors of Tien PhongPlastic Joint Stock Company Tran Dang Phuc said to integrate deeper into theinternational market, domestic businesses need to draw up investment strategies,develop brand names, competitive edge and production equipment while applyingenergy-saving and environmentally friendly technologies.
Former WTO Director-General Pascal Lamy saidVietnam is a successful example of international integration as the country hastaken advantages of human resources and labour productivity. Its dominantsectors include electronics, garment-textiles and farm produce.
Minister of Industry and Trade Tran Tuan Anhsaid the 10-year WTO membership is not a long journey but it has brought bothopportunities and challenges to Vietnamese enterprises. The proportion of trade and servicesis kept at 40-45 percent of the nation’s GDP, he noted.
The admission to the WTO not only markedVietnam’s significant development in global economic integration but alsocreated a foundation for the country to obtain sustainable socio-economicdevelopment, he added.
Vice President of the Central Institute forEconomic Management Vo Tri Thanh said Vietnam needs to adopt policies to helpbusinesses increase competitiveness edge and to pay attention to the supportingindustry.
To continue developing sustainably, experts saidVietnam also needs breakthrough reforms, especially addressing shortcomings inthe one-door mechanism and reforming the State administrative apparatus.
In addition, the country is also advised to improvethe efficiency of the market inspection and control, and building a healthybusiness environment.
The experts also recommended Vietnam to restructurebusinesses, developing infrastructure services and green logistics as well asincreasing investment in science-technology to create products with high addedvalue for exports.-VNA
The admission to the WTO opened a wide door forthe Southeast Asian country to enter the global playground, experts said.
According to the Ministry of Industry and Trade,Vietnam has maintained an annual average economic growth of 6.29 percent since2007 despite impacts from the global financial and public debt crises.
Vietnam’s per capita gross domestic product(GDP) increased from just 730 USD in 2006 to 2,228 USD in 2015 and reached2,445 USD in 2016.
The economic structure has shifted towardsincreasing the proportion of industry and services while reducing the ratio ofagriculture.
Notably, Vietnam has recorded an annual exportgrowth of 12-14 percent since it became a member of the WTO. In 2016, the country’sexport turnover increased by 3.5 times against 2006.
Moreover, after 10-year membership, Vietnam hasattracted over 22,000 foreign direct investment (FDI) projects with a totalregistered capital of nearly 300 billion USD. Particularly, many global leadinggroups such as Samsung, LG, Toyota, Honda and Canon have selected Vietnam as amanufacturing base.
The country has already signed 12 bilateral andmultilateral free trade agreements (FTA) and concluded negotiations on theEU-Vietnam Free Trade Agreement (EUFTA) and the Vietnam-Korea Free Trade Agreement(VKFTA), including new-generation pacts with high commitments such as theTrans-Pacific Partnership (TPP) Agreement.
Vietnam is also forging ahead with negotiationson four other FTAs, including the Regional Comprehensive Economic Partnership(RCEP), which is expected to become a century FTA stipulating all tradeactivities of the whole ASEAN region.
Such agreements are opening up opportunities forVietnam to develop stronger and have free trade relations with 55 globalpartners, including those in G7 and 15 out of the G20 members.
Former Deputy Minister of Industry and TradeLuong Van Tu, who was once WTO chief negotiator, said after joining the WTO,Vietnamese businesses have seized opportunities as the flow of FDI into thecountry surged. They have also accumulated experience and received technologiesand management skills from big companies of developed nations such as the USand Japan.
The competition pressure also helped domesticenterprises grow stronger. Many firms have proactively sought markets and boostlinkages foreign partners to promote exports, he added.
Chairman of the Board of Directors of Tien PhongPlastic Joint Stock Company Tran Dang Phuc said to integrate deeper into theinternational market, domestic businesses need to draw up investment strategies,develop brand names, competitive edge and production equipment while applyingenergy-saving and environmentally friendly technologies.
Former WTO Director-General Pascal Lamy saidVietnam is a successful example of international integration as the country hastaken advantages of human resources and labour productivity. Its dominantsectors include electronics, garment-textiles and farm produce.
Minister of Industry and Trade Tran Tuan Anhsaid the 10-year WTO membership is not a long journey but it has brought bothopportunities and challenges to Vietnamese enterprises. The proportion of trade and servicesis kept at 40-45 percent of the nation’s GDP, he noted.
The admission to the WTO not only markedVietnam’s significant development in global economic integration but alsocreated a foundation for the country to obtain sustainable socio-economicdevelopment, he added.
Vice President of the Central Institute forEconomic Management Vo Tri Thanh said Vietnam needs to adopt policies to helpbusinesses increase competitiveness edge and to pay attention to the supportingindustry.
To continue developing sustainably, experts saidVietnam also needs breakthrough reforms, especially addressing shortcomings inthe one-door mechanism and reforming the State administrative apparatus.
In addition, the country is also advised to improvethe efficiency of the market inspection and control, and building a healthybusiness environment.
The experts also recommended Vietnam to restructurebusinesses, developing infrastructure services and green logistics as well asincreasing investment in science-technology to create products with high addedvalue for exports.-VNA
VNA
