Vietnam has made great strides in all aspects of its economy in thefive years since it became a member of the World Trade Organisation,experts told a conference in HCM City last week.
More than 200 economists, policy makers, and business executivesattended the conference titled "Five years after joining WTO –integration and development of Vietnamese enterprises" organised by theCommunist Party of Vietnam online newspaper and Industry and Tradenewspaper.
After the country acceded to the WTO in 2007, foreign direct investments have risen dramatically as have exports.
The country's exports have virtually doubled in the period to 96.3 billion USD.
Distribution and retail services have also developed strongly, with theopening of hundreds of convenience stores changing the complexion ofthe country's retail sector and buying habits of Vietnamese consumers.
Former deputy prime minister Vu Khoan said the WTO membership enabledlocal companies to enjoy lower import tariffs on machinery, equipmentand feedstock, which helps cut production costs and improve theircompetitiveness.
Opening up of distribution has been an important step in the country's integration into the global economy.
The attendees agreed that the penetration of foreign goods has broughtgreat competitive pressure on local products, but on the other handconsumers can choose from a variety of high-quality products andservices at competitive prices.
This has prompted local firms to improve their competitiveness, they said.
But many also pointed out the weaknesses of Vietnam in its processof integration – like the poor quality of growth, human resources, hightrade deficit, and low competitiveness.
The exportstructure had not changed considerably, with the country still mainlyshipping abroad raw materials and labor-intensive products such asgarments and footwear, they said.
The Government and businesses therefore need to take better advantage of opportunities, they said.
The high bank interest rates at the moment is causing difficulties forexporters and services companies and eating into their profits, said DoHa Nam , chairman of the Vietnam Coffee and Cocoa Association andgeneral director of Intimex Import-Export JS Company, said.
The Government should reduce the rates, he added.-VNA
More than 200 economists, policy makers, and business executivesattended the conference titled "Five years after joining WTO –integration and development of Vietnamese enterprises" organised by theCommunist Party of Vietnam online newspaper and Industry and Tradenewspaper.
After the country acceded to the WTO in 2007, foreign direct investments have risen dramatically as have exports.
The country's exports have virtually doubled in the period to 96.3 billion USD.
Distribution and retail services have also developed strongly, with theopening of hundreds of convenience stores changing the complexion ofthe country's retail sector and buying habits of Vietnamese consumers.
Former deputy prime minister Vu Khoan said the WTO membership enabledlocal companies to enjoy lower import tariffs on machinery, equipmentand feedstock, which helps cut production costs and improve theircompetitiveness.
Opening up of distribution has been an important step in the country's integration into the global economy.
The attendees agreed that the penetration of foreign goods has broughtgreat competitive pressure on local products, but on the other handconsumers can choose from a variety of high-quality products andservices at competitive prices.
This has prompted local firms to improve their competitiveness, they said.
But many also pointed out the weaknesses of Vietnam in its processof integration – like the poor quality of growth, human resources, hightrade deficit, and low competitiveness.
The exportstructure had not changed considerably, with the country still mainlyshipping abroad raw materials and labor-intensive products such asgarments and footwear, they said.
The Government and businesses therefore need to take better advantage of opportunities, they said.
The high bank interest rates at the moment is causing difficulties forexporters and services companies and eating into their profits, said DoHa Nam , chairman of the Vietnam Coffee and Cocoa Association andgeneral director of Intimex Import-Export JS Company, said.
The Government should reduce the rates, he added.-VNA
