Vietnam
has made great strides in all aspects of its economy in the five years since it
became a member of the World Trade Organisation, experts told a conference in
Ho Chi Minh City last week.
More than 200 economists, policy makers, and
business executives attended the conference titled "Five years after
joining WTO – integration and development of Vietnamese enterprises"
organised by the Communist Party of Vietnam online newspaper and Industry and
Trade newspaper.
After the country acceded to the WTO in 2007,
foreign direct investments have risen dramatically as have exports.
The country's exports have virtually doubled
in the period to US$96.3 billion.
Distribution and retail services have also
developed strongly, with the opening of hundreds of convenience stores changing
the complexion of the country's retail sector and buying habits of Vietnamese
consumers.
Former deputy prime minister Vu Khoan said the
WTO membership enabled local companies to enjoy lower import tariffs on
machinery, equipment and feedstock, which helps cut production costs and
improve their competitiveness.
Opening up of distribution has been an
important step in the country's integration into the global economy.
The attendees agreed that the penetration of
foreign goods had brought great competitive pressure on local products, but on
the other hand consumers could choose from a variety of high-quality products
and services at competitive prices.
This had prompted local firms to improve their
competitiveness, they said.
But many also pointed out the weaknesses of
Vietnam in its process of integration – like the poor quality of growth, human
resources, high trade deficit, and low competitiveness.
The export structure had not changed
considerably, with the country still mainly shipping abroad raw materials and
labor-intensive products such as garments and footwear, they said.
The government and businesses therefore needed
to take better advantage of opportunities, they said.
The high bank interest rates at the moment was
causing difficulties for exporters and services companies and eating into their
profits, said Do Ha Nam, chairman of the Vietnam Coffee and Cocoa Association
and general director of Intimex Import-Export JS Company, said.
News Desk
Viet Nam News
Business & Investment Opportunities
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