In the process of joining WTO, Viet Nam has so far fulfilled bilateral negotiations with all 28 partners on market access.

The multilateral negotiation process focuses on WTO rules and regulations, and Viet Nam has completed 12 rounds of negotiations.

The next round is expected to take place in July. We hope this will be the last round. The multilateral negotiation gives advantages and poses difficulties for Viet Nam. Thanks to 20 years of embracing doi moi (renewal) policy, Viet Nam has implemented many rules and regulations for the functioning of a market economy. In particular, the country has approved laws on enterprise, investment and intellectual property which have provided a legal basis for Viet Nam realising its commitments to join the WTO.

However, Viet Nam has faced many difficulties in multilateral negotiation. It is unequal and reflected in two aspects.

First, the countries that joined WTO late have to apply higher standards in both bilateral and multilateral negotiations compared to the ones that joined during the 1995-2000 period. The second concerns benefits and obligations of developing countries that do not match. In fact, the so-called special treatment status granted for developing and underdeveloped countries still remains only a slogan.

Therefore, in my opinion, a nation’s domestic reforms are the decisive factor in creating a favourable investment environment for attracting foreign investors. Joining WTO is really an international certificate for undertaking domestic reforms in a country.

What are the benefits and impacts of WTO entry on Viet Nam’s economy?

Free quota on textiles and garments for WTO members including Viet Nam is an immediate benefit.

However the US and a number of countries have not recognised Viet Nam as a country with a market economy.

But the country’s biggest benefits will come from creating a favourable environment for investment and trade and a stable, transparent and forward looking policies that can win the trust of investors and attract more foreign investments.

While Viet Nam is committed to open its market, have certain quarters have raised concerns on the pace of opening up the economy?

Our commitment to opening the market is based on evaluations of nations that have joined the WTO late and on the strengths and weaknesses of our own economy. While Viet Nam will fearlessly open the markets that are highly competitive, we will be cautious in opening up sensitive areas.

Source: Vietnam News