Vietnam has actively dealt with outside effects, particularly the global economic downturn since it entered the World Trade Organization (WTO) three years ago, the Thoi bao Kinh te newspaper cited former Deputy Prime Minister Vu Khoan as saying.
The country’s export value grew sharply in the first two years of the WTO membership with respective figures of 21.3% and 29.5% in 2007 and 2008, Khoan said at a meeting entitled “Vietnam’s opportunities and challenges in post-WTO” held in Hanoi on Jan. 12.
The official added that the country’s foreign direct investment (FDI) also surged during the period, hitting a record high of US$64 billion in 2008.
Despite negative effects of the global economic downturn Vietnam attracted US$21.48 billion FDI and exported US$56.584 billion worth of goods, down 9.7% and 66.43% on-year, Khoan said, adding that the falls were much lower than other regional countries.
Vietnam’s retail sector has become more attractive for foreign investors, the former deputy PM noted.
The country, however, is facing an increasing trade deficit due to sharp rises in imports, mainly machinery and equipment and consumer goods, local economists said.
Vietnam will have to deal with more challenges in restructuring its economy and developing new energy source and energy-saving technology, Khoan forecast.
Earlier in late December, Minister of Industry and Trade Vu Huy Hoang said as few as 20% of Vietnamese businesses have taken advantages of taxes and certificates of origin to facilitate their trade activities in the post-WTO period due to poor information dissemination.
Vietnam officially became the 150th member of the WTO in January 11, 2007. (VNS, VOV)
Vietnamese
