Vietnam has well coped with the impacts of the global economic crisis althoughthe nation joined the World Trade Organisation (WTO) not long ago, a formergovernment official has said.
The remark was delivered by former DeputyPrime Minister Vu Khoan at an international seminar, entitled “Vietnam’sopportunities and challenges three years after joining WTO”, which was held inHanoi on Jan. 12.
After experiencing the integration and crisis process,Vietnamese businesses have gained a better grasp of the market’s fluctuations,thus taking suitable response measures, he said.
Khoan cited Vietnam ’sexport growth rates of 21.3 percent and 29.5 percent in 2007 and 2008 – thefirst two years of WTO membership as an example. The country’s foreign directinvestment (FDI) also increased remarkably during the period, hitting a recordhigh of 63 billion USD in 2008.
In regard to the retail industry,domestic enterprises have developed actively, making the best of availableadvantages to offer customers services better than those provided by foreignretailers.
However, Vietnam is facing tougher impacts caused byunfavourable fluctuations of the world economy. Last year, the nation saw sharpdrops in both export turnover and attracted FDI volume due to the globaleconomic-financial crisis.
Khoan said Vietnam would suffer a biggerdecrease in export earnings as well as greater difficulties and challenges,including trade and tax barriers, if it did not integrate into the worldeconomy.
Meanwhile, Chairman of the Vietnam Association of ForeignInvested Enterprises Nguyen Mai was optimistic about the attraction of FDI lastyear, saying that newly-registered investment only reflects investors’commitments and the FDI trend in a country, but not the real FDI activities.
Three-year WTO membership has also helped Vietnam identify clearly itsshortcomings and weaknesses, especially those related to infrastructure,institutions and human resources, so it could work out timely and more suitablesolutions in a move to integrate deeper into the world economy./.
The remark was delivered by former DeputyPrime Minister Vu Khoan at an international seminar, entitled “Vietnam’sopportunities and challenges three years after joining WTO”, which was held inHanoi on Jan. 12.
After experiencing the integration and crisis process,Vietnamese businesses have gained a better grasp of the market’s fluctuations,thus taking suitable response measures, he said.
Khoan cited Vietnam ’sexport growth rates of 21.3 percent and 29.5 percent in 2007 and 2008 – thefirst two years of WTO membership as an example. The country’s foreign directinvestment (FDI) also increased remarkably during the period, hitting a recordhigh of 63 billion USD in 2008.
In regard to the retail industry,domestic enterprises have developed actively, making the best of availableadvantages to offer customers services better than those provided by foreignretailers.
However, Vietnam is facing tougher impacts caused byunfavourable fluctuations of the world economy. Last year, the nation saw sharpdrops in both export turnover and attracted FDI volume due to the globaleconomic-financial crisis.
Khoan said Vietnam would suffer a biggerdecrease in export earnings as well as greater difficulties and challenges,including trade and tax barriers, if it did not integrate into the worldeconomy.
Meanwhile, Chairman of the Vietnam Association of ForeignInvested Enterprises Nguyen Mai was optimistic about the attraction of FDI lastyear, saying that newly-registered investment only reflects investors’commitments and the FDI trend in a country, but not the real FDI activities.
Three-year WTO membership has also helped Vietnam identify clearly itsshortcomings and weaknesses, especially those related to infrastructure,institutions and human resources, so it could work out timely and more suitablesolutions in a move to integrate deeper into the world economy./.
