Wto accession expected to create opportunities for Vietnam
HANOI - WTO membership would bring new opportunities for Vietnam to expand its export markets, diversify economic and trade ties, and increase FDI inflows in order to sustain economic growth for nation building and development, said Minister of Foreign Affairs Nguyen Dy Nien.
"Nevertheless, we understand that opportunities are always coupled with challenges, especially when Vietnam is still a low-level developing economy with many weaknesses in national economic structure and policy and in which over 70 per cent of the population still works in the agricultural sector," said Nien.
Nien also said that to implement a policy of reform and actively integrate in the regional and global economy, Vietnam had made untiring efforts to accelerate negotiations with other economic partners, along with restructuring the economy and adjusting national law and policies to conform with international commitments, all with a view to acceding to the WTO at the earliest possible time.
"Vietnam's endeavours, together with active co-operation and flexibility shown by most negotiating partners, have resulted in important outcomes. Our WTO accession negotiation process has come to its final stage, thus offering a possibility for Vietnam to join the WTO in the near future," he said.
At the workshop, UNDP Resident Representative and UN Resident Co-ordinator in Vietnam Jordan Ryan said that accession to WTO would continue the process of Vietnam's integration into the world economy.
Accession to the ASEAN Free Trade Area and numerous bilateral trade and investment agreements had already demonstrated the benefits of integration, and joining WTO would open new and greater opportunities to expand trade and attract foreign investment.
"To take full advantage of the opportunities afforded by market access, Vietnam must build domestic capabilities in agriculture, industry and services to compete both overseas and at home," Ryan said.
At the same time, international integration has contributed greatly to poverty reduction in Vietnam, Ryan said, adding that Vietnamese farmers and fishers had already begun to take full advantage of access to overseas markets.
The sharp rise in manufactured exports had also created thousands of new jobs and spurred local development in the country's industrial zones. Foreign investors had brought not only capital but also new technology and improved management, setting a positive example for local firms.
Nevertheless, Ryan cautioned that "Vietnam urgently needs economic instruments such as universal social security programmes as well as appropriate political mechanisms to help the country cope with the rise in inequality that is likely to accompany rapid economic growth."
Shishir Priyadarshi, a counsellor from the WTO Secretariat, said that, to hasten membership in the WTO, Vietnam should try and conclude its remaining bilateral and multilateral negotiations as quickly as possible.
Vietnam first applied for membership in the WTO in 1995. According to the Ministry of Foreign Affairs, following the 11th session of the Working Party on Vietnam's Accession in Geneva last September, multilateral negotiations have basically been concluded and the draft report on Vietnam's accession is being finalised. Also, at the 11th session, all negotiating partners expressed support for Vietnam's early entry into the WTO.
Bilaterally, Vietnam has concluded negotiations with more than 20 partners, including the EU, China, Japan, Canada and the Republic of Korea. At present, the country is accelerating negotiations with its remaining partners.
Participants in yesterday's workshop also heard a presentation on China's experiences and lessons learned from its WTO accession; an evaluation of Vietnam's WTO accession negotiation process; and an assessment of the opportunities and challenges faced by Vietnam's economy after accession.
Vietnam News Agency - October 10, 2005.
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