joins WTO as the 150th official member today
HA NOI — Today marks
Viet Nam’s official welcome as the 150th country to join the World Trade
VuKhoan, the former Deputy
Prime Minister, expects many positive changes in the nation’s economic
development but only if domestic businesses can adapt to Viet Nam’s new status
in the world.
Trade agreements like the
one signed by the EU and Viet Nam in 2004 no longer apply as of today. Viet Nam
is also expected to comply with an earlier promise to open up commodity and
service markets with its key trading partners including the US, Japan and China.
These changes will likely
affect economic sectors and how domestic companies do business.
Khoan says the most urgent
task for Vietnamese companies is to research how the country’s WTO membership
affects them directly. Ministries and industry experts must also become aware of
how WTO trade agreements and regulations apply to businesses to make sure
industries stay competitive, he said.
agency honour the country
HA NOI –
The US Trade and Development Agency’s (USTDA) director Thelma J. Askey
will present the certificate Country of the Year 2006 to Viet Nam’s US
Ambassador Nguyen Tam Chien today.
USTDA’s has bestowed the honour in response to the emergence of Viet
Nam as an important economic entity in Southeast Asia and for
strengthening the US-Viet Nam relationship.
The award ceremony will take place at Ronald Reagan Building in World
Trade Centre. The ceremony will coincide with Viet Nam’s official
joining of the WTO. — VNS
The former deputy prime
minister says 2007 will bring an increase in foreign investment due to the
reputation WTO membership brings worldwide.
Trade Minister Truong Dinh
Tuyen says he is concerned about individuals becoming aware of the changes
facing the country. Tuyen says the nation’s economy cannot develop as expected
if people are not fully aware of benefits and challenges they will face as a WTO
come to individuals or organisations that can find out and exploit them. If
people are aware, but do not act to reach the goal, there will be no positive
results at all," Tuyen says.
In terms of how the
government operates, sometimes it will have to make difficult decisions like
shutting down some industries if they are not competitive enough, says Ton Nu
Thi Ninh, Deputy Chairwoman of the National Assembly’s Foreign Relations
However, this can be
looked at in a positive light as governments and companies will be forced to
implement new competition strategies under the WTO, says Ninh.
Another point Khoan
stresses is how businesses must study marketing and promotion to prosper,
something he believes companies have not paid enough attention to in the past.
"In the market
economy and integration process, customers are the decisive factor and
Vietnamese enterprises have to take their protection into account more,"
says Khoan. He says businesses may even have to suffer losses to protect their
investments in the long term. — VNS