ID :
27839
Sat, 11/01/2008 - 06:11
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http://m.oananews.org//node/27839
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Experts spotlight pros and cons of WTO
HCM City (VNA) - Since joining the World Trade Organisation (WTO)
in January 2007, Vietnam has made great economic strides but also faced
challenges thrown up by fierce competition and global economic meltdown,
experts have said.
Speaking on Oct. 29 at a conference held in Ho Chi Minh City by the
Vietnam Lawyers Association's International Business and Law Academy ,
former minister of trade Truong Dinh Tuyen said the country has seen massive
growth in foreign direct investment (FDI) and exports since joining WTO.
It attracted 56.2 billion USD in FDI in the first nine months of this
year, a five-fold year-on-year increase.
Exports rose 39 percent in the same period to 48.6 billion USD.
Tuyen pointed out that implementing WTO commitments had helped develop a
legal framework aligned with international norms to usher in administrative
reform.
It has also persuaded enterprises to focus more on business strategies,
brand building and developing a business culture, he said.'
The country had been confronted by global competition, a huge trade
deficit, and an increasing gap between the rich and the poor, after lthe WTO
accession.
The economy had been directly affected by the global economic crisis, he
said.
Besides, the high inflation would prevent the poor from enjoying the
benefits of WTO membership, according to participants.
Tuyen said WTO accession had helped Vietnam understand its economy
better.
The global economic volatility had an immediate and strong effect on the
national economy, especially sectors like oil and finance, he said.
But the country could overcome these challenges if it had flexible
policies and facilitated the development of small and medium-sized
enterprises, according to Tuyen.
Participants said that to exploit the opportunities arising from WTO
membership, Vietnam should strengthen its legal framework and speed up
administrative reform.
Instead of merely exploiting its natural resources, the country should
develop technology and export processed products, they said.
Investing in human resource development was also an urgent need, they
said.-Enditem
in January 2007, Vietnam has made great economic strides but also faced
challenges thrown up by fierce competition and global economic meltdown,
experts have said.
Speaking on Oct. 29 at a conference held in Ho Chi Minh City by the
Vietnam Lawyers Association's International Business and Law Academy ,
former minister of trade Truong Dinh Tuyen said the country has seen massive
growth in foreign direct investment (FDI) and exports since joining WTO.
It attracted 56.2 billion USD in FDI in the first nine months of this
year, a five-fold year-on-year increase.
Exports rose 39 percent in the same period to 48.6 billion USD.
Tuyen pointed out that implementing WTO commitments had helped develop a
legal framework aligned with international norms to usher in administrative
reform.
It has also persuaded enterprises to focus more on business strategies,
brand building and developing a business culture, he said.'
The country had been confronted by global competition, a huge trade
deficit, and an increasing gap between the rich and the poor, after lthe WTO
accession.
The economy had been directly affected by the global economic crisis, he
said.
Besides, the high inflation would prevent the poor from enjoying the
benefits of WTO membership, according to participants.
Tuyen said WTO accession had helped Vietnam understand its economy
better.
The global economic volatility had an immediate and strong effect on the
national economy, especially sectors like oil and finance, he said.
But the country could overcome these challenges if it had flexible
policies and facilitated the development of small and medium-sized
enterprises, according to Tuyen.
Participants said that to exploit the opportunities arising from WTO
membership, Vietnam should strengthen its legal framework and speed up
administrative reform.
Instead of merely exploiting its natural resources, the country should
develop technology and export processed products, they said.
Investing in human resource development was also an urgent need, they
said.-Enditem
