Vietnam takes full advantage of WTO membership

Hanoi (VNA) - At a seminar in Hanoi on April 23, a number of domestic and overseas economic experts discussed the Vietnamese economy's weaknesses and the positive impacts since the country became a member of the WTO.

The head of the European Commission's (EC) delegation to Vietnam , Ambassador
Sean Doyle, praised Vietnam 's efforts to take full advantage of its WTO
membership.

While saying that the effects of Vietnam 's trade reforms since joining the WTO
need more time to be correctly assessed, he pointed out the most important
achievements that the country has made over the past two years, describing them as
"the specific characteristics in Vietnam 's WTO story".

According to Doyle , Vietnam has gained its trade partners' confidence
through the government's policies, reforms and transparency in various fields. The
completion of the country's legal framework has also helped Vietnamese producers
to become more confident in the international arena.

In addition, Vietnam has learned from experience how to apply WTO-ruled trade
protection measures when addressing disputes in order to protect the legitimate
interests of domestic businesses. The country has also resolutely opposed
protectionism although several countries are planning to reintroduce protectionist
measures to protect their domestic industries during the current on-going global
economic crisis.

As a WTO member, Vietnam had the chance to contribute to the WTO's rules and
regulations when attending the Doha talks and will do in future international
trade negotiations. The experience and capacity of Vietnam 's leaders and
experts in international trade have helped to promote the country's standing in
the world.

The ambassador, however, pointed out the disadvantages that Vietnam 's economy
faces.

The country's complex administrative policy has resulted in low rates of FDI being
implemented and the slow process of policy reform, particularly in services, has
also hindered development. He suggested that customs rules and procedures should
be made clearer as this would help to speed up trade.

However, the EC official also confirmed that the EU was committed to supporting
Vietnam in the future, to ensure its success and development.

One of the EC's programmes to support Vietnam is to help the country implement
the third phase of the Multilateral Trade Assistance Project (MUTRAP) from August
2008 to June 2012.

The project's overall objective is to assist the Southeast Asian country in
implementing its national socio-economic development plans and a post-WTO action
plan to enable sustainable economic growth and a reduction in poverty by
integrating further into the global trading system.-Enditem