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Vietnam grows strongly after 10 years of joining WTO

The admission to the WTO opened a wide door for the Southeast Asian country to enter the global playground, According to the Ministry of Industry and Trade, Vietnam has maintained an annual average economic growth of 6.29 percent since 2007 despite impacts from the global financial and public debt crises.

Vietnam’s per capita gross domestic product (GDP) increased from just 730 USD in 2006 to 2,228 USD in 2015 and reached 2,445 USD in 2016.The economic structure has shifted towards increasing the proportion of industry and services while reducing the ratio of agriculture.

Vietnam has recorded an annual export growth of 12-14 percent since it became a member of the WTO. In 2016, the country’s export turnover increased by 3.5 times against 2006.Moreover, after 10-year membership, Vietnam has attracted over 22,000 foreign direct investment (FDI) projects with a total registered capital of nearly 300 billion USD.

The country has already signed 12 bilateral and multilateral free trade agreements (FTA) and concluded negotiations on the EU-Vietnam Free Trade Agreement (EUFTA) and the Vietnam-Korea Free Trade Agreement (VKFTA).

Vietnam is also forging ahead with negotiations on four other FTAs, including the Regional Comprehensive Economic Partnership (RCEP), which is expected to become a century FTA stipulating all trade activities of the whole ASEAN region. Such agreements are opening up opportunities for Vietnam to develop stronger and have free trade relations with 55 global partners, including those in G7 and 15 out of the G20 members.

Former Deputy Minister of Industry and Trade Luong Van Tu, stated that Vietnamese businesses have seized opportunities as the flow of FDI into the country surged. They have also accumulated experience and received technologies and management skills from big companies of developed nations such as the US and Japan.

On the other hand former WTO Director-General Pascal Lamy pointed out saying that Vietnam is a successful example of international integration as the country has taken advantages of human resources and labour productivity. Its dominant sectors include electronics, garment-textiles and farm produce.

The experts recommended Vietnam to restructure businesses, developing infrastructure services and green logistics as well as increasing investment in science-technology to create products with high added value for exports.

 
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