However, in order to enjoy the chance, Vietnam will not only have to remove tariff and non-tariff barriers to let commodities and services from all member countries flow into its market, but also apply equal treatment for foreign investors operating in Vietnam under the approved roadmap.

In the negotiation process, Vietnam reached an agreement on the need for a transitional period of development until all WTO commitments are fully implemented. Specifically, average tax rates on all tariffs will be reduced to 13.4 percent, from 17.4 percent at present, in 5-7 years. Average tax rates for agricultural products will fall from current the 23.5 percent to 20.9 percent within five years, while average tax rates for industrial products will decline from 16.8 percent to 12.6 percent in 5-7 years. Vietnam also reached another agreement on maintaining quotas on sensitive products like sugar, eggs, tobacco and salt.

After ten years of boosting exports with the total export turnover reaching US$11.541 billion in 1999, Vietnam has now been placed 50^th among the top 50 countries and territories with the highest export turnover in the WTO.

In 2005, Vietnam’s export turnover hit US$31 billion - a growth rate many times higher than the world’s common commodity trade growth rates. As a WTO member, Vietnam will likely develop to a higher level, especially after the signing of the Vietnam-US bilateral trade agreement (BTA) with the US market emerging as a driving force behind Vietnam’s export growth over the past three years.

Obviously, joining the WTO is only the first step to access the global market. The second step, which is more difficult, is to sharpen product competitiveness. In the face of new chances offered by the WTO membership, Vietnam can in no way continue producing low valued-added products and light industry products. It needs to produce high value-added products to gain more profits in the long run.

A survey released by the Institute of Social Science and Humanity in 2002 showed that over 70 percent of Vietnamese businesses had no idea or little understanding about the WTO. However, another survey conducted recently by the Vietnam Chamber of Commerce and Industry (VCCI) revealed a reverse result. Just nearly 30 percent of businesses have had little understanding about the WTO and they would be easily outdone when Vietnam is required to fulfil its commitments to the WTO.

Of course, understanding about the WTO is not enough. Businesses need to take action because the WTO membership will not offer opportunities for those who just like to sit idle.

Former Deputy Prime Minister Vu Khoan said each enterprise must be geared up to adapt itself to the WTO environment. For example, dairy producers must know import tariff rates in detail or telecommunications companies must know how far the telecommunications sector can go before drawing up production and operation plans.