Vietnam’s economy has grown, as member of world trade organisation

Economic experts affirmed at a seminar titled ‘Five years with WTO- Integration and Development of Vietnamese enterprises’ held on Feb.17, that Vietnam had taken great economic strides in five years as member of the World Trade Organisation.

The country’s export turnover has increased 97.7 per cent in the past five years, a year-on-year increase of 19.52 per cent on an average.

Export turnover has soared from US$48.6 billion in 2007 to $96.3 billion in 2011.

In addition, distribution and retail services are also developing strongly. Opening of hundreds of convenience stores has changed the complexion of the retail sector and Vietnamese people’s buying habits are fast changing.

Opening up of its distribution sector has been an important step in the country’s integration into the international mainstream economy and has helped the country keep abreast with regional countries.

Joining WTO helped Vietnam amend and make 86 new regulations that helped create advantages in developing the market economy with socialist orientation as well as in accordance with WTO regulations.

However, many experts also pointed out the weak points of Vietnam in its process of integration.

The growth of the export market depends on exploitation of natural resources and the country has not increased many value-added products. Therefore, the country needs to take advantage of more opportunities to improve development in the future.

Vietnam joined WTO on January 1, 2007, which proved to be an important milestone for its economic growth.

Source SGGP

Tags: Vietnam economic news, Vietnam economy, Vietnam economy 2012