Five years after the country became a member of the World Trade Organisation (WTO), the annual value of Vietnam ’s imports-exports has risen to 1.5 times more than its GDP thanks to a boom in exports.
The figures were revealed by Truong Dinh Tuyen, former Trade Minister and former head of Vietnam’s trade negotiating team at a seminar reviewing Vietnam’s five-year membership of the WTO in Hanoi on Feb. 29.
The seminar was jointly held by the Vietnam Chamber of Commerce and Industry and the EU’s Multilateral Trade Assistance Project (MUTRAP).
Vietnamese exports such as rice, coffee, garments and textiles, crude oil and aquatic products have all made their mark in the international market, said Tuyen.
Vietnam ’s average income per capita was 400 USD per annum when the country joined the WTO. However, five years later, this figure has climbed to 1,200 USD, a three-fold increase.
According to former Trade Deputy Minister Luong Van Tu, the WTO positive impacts could be seen clearly in the FDI flow, in the garments and textiles, agricultural produce and aquatic products sectors.
Foreign investors have also taken advantage of Vietnam’s ability to produce consumer goods for export such as electronic products, said Tu, who added that it is a challenge but also an opportunity for Vietnam to take bolder steps.
He said that in an open economy, it was normal for both domestic and international events to have an impact on the country, therefore the country’s management and indexes must be linked to global and regional conditions.
He underlined the need to change from direct management using administrative measures to inspection and supervision.
Dinh Thi My Loan, General Secretary of the Vietnam Retailers Association, said the retail market has also expanded rapidly.
Vietnamese businesses have seen their competitiveness rocket since a large number of foreign businesses flocked into the country as a result of integration, said Loan.
After five years of being a WTO member however, many Vietnamese businesses still show failings in sourcing capital, technology, management and long-term strategies, the seminar heard.
They still do not quite understand many common international practices, regulations and laws on trade.
Vietnam has yet to make a name for itself in regional and international markets.
The biggest challenges to the country’s ability to integrate into the global economy included the global financial crisis and the fluctuation in world energy and food prices, said Senior Economist Pham Chi Lan.
Affected by both the global crisis and existing weaknesses in the domestic economy, growth in the country’s gross domestic product (GDP) has dropped off in the past few years.
She suggested that Vietnamese businesses pinpoint their advantages and strengths to gain a foothold in the world market.
Delegates at the seminar agreed on the need for the State, businesses and products to raise their competitiveness, modernise their technologies and develop adequate human resources.
The WTO offers both challenges and opportunities for each member, however, the question is how to take advantage of the challenges by turning them into opportunities.
Vietnam ’s economy will no doubt find the answer itself during the endless process of integration, they said.-VNA
The figures were revealed by Truong Dinh Tuyen, former Trade Minister and former head of Vietnam’s trade negotiating team at a seminar reviewing Vietnam’s five-year membership of the WTO in Hanoi on Feb. 29.
The seminar was jointly held by the Vietnam Chamber of Commerce and Industry and the EU’s Multilateral Trade Assistance Project (MUTRAP).
Vietnamese exports such as rice, coffee, garments and textiles, crude oil and aquatic products have all made their mark in the international market, said Tuyen.
Vietnam ’s average income per capita was 400 USD per annum when the country joined the WTO. However, five years later, this figure has climbed to 1,200 USD, a three-fold increase.
According to former Trade Deputy Minister Luong Van Tu, the WTO positive impacts could be seen clearly in the FDI flow, in the garments and textiles, agricultural produce and aquatic products sectors.
Foreign investors have also taken advantage of Vietnam’s ability to produce consumer goods for export such as electronic products, said Tu, who added that it is a challenge but also an opportunity for Vietnam to take bolder steps.
He said that in an open economy, it was normal for both domestic and international events to have an impact on the country, therefore the country’s management and indexes must be linked to global and regional conditions.
He underlined the need to change from direct management using administrative measures to inspection and supervision.
Dinh Thi My Loan, General Secretary of the Vietnam Retailers Association, said the retail market has also expanded rapidly.
Vietnamese businesses have seen their competitiveness rocket since a large number of foreign businesses flocked into the country as a result of integration, said Loan.
After five years of being a WTO member however, many Vietnamese businesses still show failings in sourcing capital, technology, management and long-term strategies, the seminar heard.
They still do not quite understand many common international practices, regulations and laws on trade.
Vietnam has yet to make a name for itself in regional and international markets.
The biggest challenges to the country’s ability to integrate into the global economy included the global financial crisis and the fluctuation in world energy and food prices, said Senior Economist Pham Chi Lan.
Affected by both the global crisis and existing weaknesses in the domestic economy, growth in the country’s gross domestic product (GDP) has dropped off in the past few years.
She suggested that Vietnamese businesses pinpoint their advantages and strengths to gain a foothold in the world market.
Delegates at the seminar agreed on the need for the State, businesses and products to raise their competitiveness, modernise their technologies and develop adequate human resources.
The WTO offers both challenges and opportunities for each member, however, the question is how to take advantage of the challenges by turning them into opportunities.
Vietnam ’s economy will no doubt find the answer itself during the endless process of integration, they said.-VNA
