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WTO entry: It is just the beginning (17/05)
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Banking sector: No time to hesitate
That was the point of view of General Director Pham Huy Hung of the Industrial and Commercial Bank of Vietnam (ICB). He said once Vietnam enjoys WTO membership, the share held by foreign investors in domestic banks will rise. Several international big financial and banking corporations will come to Vietnam and market shares of domestic firms will become smaller as a result. Domestic banks thus have no choice but to quickly launch new products to enhance their competitiveness.
Sharing the same view, General Director Tran Bac Ha of the Bank for Investment and Development of Vietnam (BIDV) said it is certain that domestic banks will face challenges when the country become a WTO member. However, their advantages are good local understanding and proper system.
Textile sector: Ready for new challenges
Vietnam Textile and Garment Association Chairman Le Quoc An put this. He said almost every State-owned textile businesses had been equitised. Textile manufacturers have been used to mechanism of a market economy for more than 10 years so WTO entry will not a shock for them. Financial support for textile businesses in accordance with Decision 55/CP by the Government will be also abolished but this will not matter for the funds meet only 5% - 10% of enterprises’ demand for capital.
Food industry: Big difficulties, IT sector: More chances
Mr. Nguyen Chi Nguyen, General Secretary of the Ho Chi Minh City Foods Association was afraid that competition would be much tougher in the market for foods. WTO membership will pose many challenges against domestic firms for foreign companies have more experiences in ensuring safety and sanitary and more modern technologies as well. Meanwhile, Mr. Chu Tien Dzung (Vice Chairman of the Ho Chi Minh City IT Chairman) was optimistic for the sector will have more opportunities rather than challenges when Vietnam joins the WTO. There will be more outsourcing orders and investors will come to Vietnam more easily. To compete better, domestic firms should improve quality of their services rather than lowering prices.
Source: Vneconomy - 16/05/2006
