WTO membership has been pivotal in attracting foreign direct investment. — VNA/VNS
HANOI: Vietnam’s World Trade Organisation (WTO) accession in 2007 marked a key milestone in the country’s development.
Despite challenges, the country’s achievements reflect its drive to improve the business environment and integrate globally.
The WTO negotiation team played a key role in trade talks, free-trade agreements and agreements with organisations like the Trade and Investment Framework Agreement and Indo-Pacific Economic Framework .
Trinh Minh Anh, head of the International Economic Integration Steering Committee and WTO Negotiation Team Office, said joining the WTO has opened significant opportunities for Vietnam to integrate into the global economy, driving strong gross domestic product growth and advancements in manufacturing, exports and investment.
Exports, for example, rose from US$48.5bil in 2007 to around US$264bil in 2019, growing more than five-fold in just 12 years, he said.
“Vietnam now exports goods to over 200 countries and territories, with major markets like the United States, the European Union, China and Japan becoming key trade partners. Global corporations like Samsung, Intel and LG have invested in Vietnam, enhancing its manufacturing capacity and reinforcing its position in the global supply chain,” said Trinh.
The export boom has improved Vietnam’s trade balance, moving the country from frequent deficits to consistent trade surpluses since 2011, reflecting enhanced production and supply capabilities.
Furthermore, WTO membership has been pivotal in attracting foreign direct investment, particularly in export-oriented industries, contributing to job creation, industrial development, and better living standards.
Trinh said, as a WTO member, Vietnam has also had the chance to contribute more to global economic issues, increasing its international standing, while the WTO also prompted Vietnam to reform its trade policies, align with international commitments, and foster fair competition, improving the overall business environment.
Additionally, Vietnam’s active participation in bilateral and multilateral free-trade agreements, including the Comprehensive and Progressive Agreement for Trans-Pacific Partnership, the Vietnam-EU Free Trade Agreement, and the Regional Comprehensive Economic Partnership, has opened new markets and expanded economic cooperation.
The membership has not only elevated Vietnam’s international standing but has also contributed to reducing poverty, raising incomes, and improving the quality of life for its people, said Trinh.
Additonally, he said WTO membership has opened up international markets for Vietnamese businesses, providing tariff advantages and access to key trade partners, which has boosted export revenue. — Viet Nam News/ANN
