Seminar on Vietnam’s WTO membership after three years

The Central Institute for Economic Management (CIEM) held a seminar on April 5 to discuss a report on the impact of integration on the national economy three years after Vietnam was admitted to the World Trade Organisation (WTO).

The report stated that international economic integration, especially Vietnam’s admission to the WTO have had a positive impact on Vietnam’s economy and has offered both opportunities and challenges. Notably, total social investment capital accounted for 42 percent of the Gross Domestic Product (GDP) in 2009.

Vietnam’s admission to the WTO has helped create an equal legal and transparent environment, offered preferential conditions in trade agreements, and helped expand investment in the region. WTO membership has also made a positive impact on perfecting the legal framework, improving the business environment and strengthening the country’s competitive edge.

It has had a strong impact on labour and employment over the past three years. The unemployment rate has tended to increase, and stood at 2.91 percent in 2009. There is also an increase in import surplus.

Regarding lessons learned from Vietnam’s entry to the WTO, Dr Vo Tri Thanh, deputy head of the CIEM said that to develop the national economy strongly, it is necessary to make reforms in the country and accurately assess Vietnam’s status. It is also important to recognize advantages and shortcomings to select partners and create proper policies to fulfill Vietnam’s WTO commitments. – VOV

Tags: Vietnam WTO

Posted by VBN on Apr 6 2011. Filed under Int'l Cooperation. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry