ID :
14709
Sun, 08/03/2008 - 00:39
Auther :
Shortlink :
http://m.oananews.org//node/14709
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Seminar examines economic impact of WTO entry
Seminar examines economic impact of WTO entry
Hanoi (VNA) - The Vietnamese economy has taken some advantage of integration
but exposed many shortcomings in managing after 18 months in the World Trade
Organisation, Director of Central Institute for Economic Management (CIEM)
DinhVan An said at a seminar on August 1.
The seminar to evaluate some impacts on the domestic economy after its WTO
accession in 2007 was organised in Hanoi by CIEM, part of the Ministry
of Planning and Investment.
Speaking at the conference, Vo Tri Thanh, an official of CIEM, said: "A
period of one and a half years is not long enough to evaluate and overview
WTO's influences on the conomy."
"However, there are some lessons to be learned from accession to the world's
largest economic playground."
Vietnam 's commitments to integration and improvement of its
market-economy mechanism are the most important factors for increasing
economic reform and luring foreign investment, Thanh said.
He said Vietnam needed to take advantage of natural resources and
cheap industrial labour forces.
According to a survey last year by the Japan External Trade Organisation,
Vietnam 's minimum monthly wage level was about 50 USD, significantly lower
than India 's 74 USD, Indonesia 's 90 USD, the Philippines 135 USD,
southern China 's 92 USD and Thailand 's 110 USD.
Thanh pointed out some weaknesses in the Vietnamese economy: poor labour
capacity, the modest contribution of finance, banking and insurance to the
country's economic growth, less developed manufacturing and the slow growth
of agricultural sector.
He said that inflation and the trade deficit, together with sensitive
signals from domestic financial systems, are big problems Vietnam must
face in the future.
Basically, WTO accession has directly and indirectly brought about
desirable results. The difference between forecast numbers and results are
partly due to the complex internal and external elements of the economy, An
said.
Pham Chi Lan, an economic expert said everyone should update their
knowledge on economic accession to give them a thorough grasp of the
opportunities and challenges.
Hanoi (VNA) - The Vietnamese economy has taken some advantage of integration
but exposed many shortcomings in managing after 18 months in the World Trade
Organisation, Director of Central Institute for Economic Management (CIEM)
DinhVan An said at a seminar on August 1.
The seminar to evaluate some impacts on the domestic economy after its WTO
accession in 2007 was organised in Hanoi by CIEM, part of the Ministry
of Planning and Investment.
Speaking at the conference, Vo Tri Thanh, an official of CIEM, said: "A
period of one and a half years is not long enough to evaluate and overview
WTO's influences on the conomy."
"However, there are some lessons to be learned from accession to the world's
largest economic playground."
Vietnam 's commitments to integration and improvement of its
market-economy mechanism are the most important factors for increasing
economic reform and luring foreign investment, Thanh said.
He said Vietnam needed to take advantage of natural resources and
cheap industrial labour forces.
According to a survey last year by the Japan External Trade Organisation,
Vietnam 's minimum monthly wage level was about 50 USD, significantly lower
than India 's 74 USD, Indonesia 's 90 USD, the Philippines 135 USD,
southern China 's 92 USD and Thailand 's 110 USD.
Thanh pointed out some weaknesses in the Vietnamese economy: poor labour
capacity, the modest contribution of finance, banking and insurance to the
country's economic growth, less developed manufacturing and the slow growth
of agricultural sector.
He said that inflation and the trade deficit, together with sensitive
signals from domestic financial systems, are big problems Vietnam must
face in the future.
Basically, WTO accession has directly and indirectly brought about
desirable results. The difference between forecast numbers and results are
partly due to the complex internal and external elements of the economy, An
said.
Pham Chi Lan, an economic expert said everyone should update their
knowledge on economic accession to give them a thorough grasp of the
opportunities and challenges.
