Vietnam’s trade gap is on the rise and estimated to have made up 16 per cent of its GDP value after two years of the World Trade Organization’s accession, said a seminar held in Hanoi Apr 23 to evaluate the accession’s impacts on macro-economy policies, export-import, agro-fisheries, business environment and social issues.
The country incurred a huge trade deficit of US$12.4 billion in 2007 and US$17.5 billion in 2008 from the low figure of US$4.81 billion in 2006, said the meeting.
The growth of export value was not as strong as expected when joining the global trade club, said the seminar, elaborating that Vietnam earned US$62.9 billion from exports in 2008, up 29.5 per cent on-year thanks to growing prices in the world market.
Excluding price increase factor, the total export turnover over the two-year WTO entrance grew modestly at 13.5 per cent.
Apart from some negative impacts, the Asean country reaped many benefits from its admission. It attracted US$64 billion of FDI in 2008, a record level so far, nearly triple of the figure in 2007, and of which over US$11 billion was disbursed.
Vietnam has also developed a more transparent legal framework, which helps boost confidence in Vietnamese manufacturers within the international arena, said the Head of the European Commission's Mission to Vietnam, Sean Doyle.
During the meeting, participants agreed that Vietnam has felt the full impacts of its entry into the WTO such as fiercer competition, a rising trade deficit, and fluctuations in the domestic market following shifts in the world market, especially due to the current global financial crisis.
Vietnam officially became the 150th member of the WTO in January 11, 2007. (Local sources, GSO 2008)
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