Workshop discusses pros and cons of WTO membership

Hanoi (VNA) - Vietnam 's market conditions following its two years as a member of the World Trade Organisation (WTO) was the topic of a seminar in Hanoi on Dec. 19.

The event served as a forum for policymakers, managers and entrepreneurs to gain an
insight into both the opportunities and challenges posed by WTO membership, and to
suggest ways to further foster the country's international economic integration.

The Deputy Minister of Industry and Trade, Nguyen Cam Tu, told the participants that
Vietnam has adhered to its multilateral commitments over the past two years, and
opened up its markets for goods and services.

The country has adopted a host of synchronous reform measures to make the most of
the chances and overcome the challenges that WTO membership has brought, the deputy
minister said.

However, local businesses have been forced to compete fiercely with foreign rivals,
particularly as the time for Vietnam to open up its retail market is
approaching, he added.

Having acknowledged the need to sharpen the competitive edge of domestic businesses,
experts have proposed a wide range of measures to simplify import-export procedures,
reduce export costs, and speed up the reform of State-owned commercial banks.

The participants also touched upon solutions to attract more foreign direct
investment (FDI) and improve the FDI disbursement rate, assist domestic companies in
training, technology and management, and deal with issues related to land use and
assets.

The event was co-hosted by the National Committee for International Economic
Cooperation, the Vietnam Chamber of Commerce and Industry and the Sao Viet
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