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WTO membership brings new challenges, VCCI
19
Feb '08
Economic integration is happening around the world with bilateral and multilateral cooperation, free trade and investment areas and communities of countries and regions.

Vietnam Chamber of Commerce and Industry is eager to cooperate with the Government and businesses for this national cause.

For its part, ASEAN is going to establish an economic community by 2015. The current trend, together with the science and technology revolution, is making the world increasingly small and flat.

Becoming a WTO member after 20 years of renovation, Vietnam has established its position and played its part in the international community, honouring WTO commitments for opening commodity and service markets and meeting the opportunities and challenges of development.

Vietnam will cut import taxes from the present 17.4 per cent down to 13.4 per cent in 5-7 years, and will open markets for 11 services with 110 out of 155 branches.

With WTO membership, Vietnam has certain opportunities: One, the first advantage is in expanding export markets for commodities and services. This is a key for Vietnam, as exports make up 60-70 per cent of GDP and investment potential to foreign countries is increasing.

Two, in compliance with WTO commitments and principles, Vietnam will continue building a more equitable and transparent business and investment environment, facilitating the development of markets such as capital and manpower.

Those factors together with market expansion will boost investment in all economic sectors: private, foreign direct investment (FDI) and foreign indirect investment (FII).

Three, as a WTO member, Vietnam can play an equal role in mapping out global trade policy and in settling disputes to protect the interests of Vietnam and its businesses.

As a result, Vietnam's political status is enhanced and it has been elected as a non-permanent member of the United Nations Security Council in 2008-2009.

Four, as Vietnam opens up its market, Vietnamese consumers have a wider choice of high quality commodities and services, upgrading their material and intellectual lives and developing the market economy.

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Vietnam Chamber of Commerce and Industry (VCCI)

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