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EXPERTS SPOTLIGHT PROS AND CONS OF VIETNAM'S WTO MEMBERSHIP.
HCM CITY, Nov 3 Asia Pulse - 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 October 29 at a conference held in Ho Chi Minh City by the Vietnam Lawyers Associations 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 US$56.2 billion in FDI in the first nine months of this year, a five-fold year-on-year increase.
Exports rose 39 per cent in the same period to US$48.6 billion.
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 ...
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Source: HighBeam Research, EXPERTS SPOTLIGHT PROS AND CONS OF VIETNAM'S WTO MEMBERSHIP.