Vietnam, which marked its full-year WTO accession on November 7, is now taking a look-back at the impacts on its socioeconomic development process, the government of Vietnam announced.
Local leading economists and policymakers commonly agreed at a recent conference that with the WTO accession and the nomination for non-permanent seat in UN Security Council, the country has recorded positive great impacts from its WTO accession. Its economy recorded highest growth level over the past 10 years.
Vietnam is now on the right track to deep integration into the world economy, they emphasized.
Vietnam has witnessed greater-ever foreign direct investment inflows, which are forecast to reach US$13 billion this year, the highest level ever, and its exports are predicted to grow more than 20 per cent on year to US$48 billion this year, the Ministry of Trade and Industry said.
Vietnam will have more chances to export its goods to WTO members, particularly apparels, seafood products, rubber and other traditional commodities, vice director of National Assembly’s Department for External Relations, former head of Vietnam’s WTO mission, Ngo Quang Xuan.
Vietnamese farmers are much benefited from the country’s WTO accession, Xuan noted.
Ex-Minister of Trade, head of Vietnam’s WTO negotiation delegation, Luong Van Tu remarked Vietnam has started finalizing its WTO commitments successfully, including pushing up the administrative reform and trying to build legal the framework meeting the international standards and better serving the country’s integration, Tu said.
Leading economist Le Dang Doanh, head of the central economic research institute noted remarkable changes can be noticed foreign investors’ trust in Vietnam’s economy is raised.
However, the Asean country will be exposed to antidumping lawsuits at any time for any goods. Vietnam Chamber of Commerce and Industry, or VCCI, has recently warned that local companies will likely confront 30 lawsuits in the coming time.
Previously, Prof Ha Ton Vinh alerted that Vietnamese businesses will face about 2,000 cases in a couple of years to come. (Vietnamese Government’s Website, VietnamNet)
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