Vietnam makes first trade policy reviewUpdate: 10/16/2013
Vietnam conducted the first trade policy review (TPR) in accordance with regulations of the World Trade Organisation (WTO) from September 17-19 in Geneva.
According to Deputy Minister of Industry and Trade Tran Quoc Khanh, this is a good chance for Vietnam to confirm with the world that the country has seriously implemented its WTO entry commitments and is exerting every effort to improve its business environment despite the global financial crisis.
The independent report by the WTO Secretariat said that political and economic reforms in Vietnam have helped the country’s economy thrive, integrating more deeply into the global trade and investment system.
Vietnam has taken great steps in upgrading telecommunication system, the access to and solvency of telecommunications services, it said.
The country’s FDI inflows surged five times in the 2007-2011 period, proving that Vietnam is an attractive destination for foreign investors and has potential of long-term growth, it added.
The report pointed out that Vietnam’s annual growth averaged at 6.3 percent in the 2007-2012 period, yet the international competitiveness seems to be reducing.
Meanwhile, the report by the Vietnamese Government defines that entering the WTO is not the conclusion of a process, but the foundation for the continuous domestic reforms.
Many Asian and European countries have recognised Vietnam as a full market economy in line with the WTO’s regulations.
In 2012, inflation was kept at 6.81 percent, a sharp reduction compared with 11.75 percent in 2010 and 18.13 percent in 2011, it cited.
Vietnam’s economic growth in 2012 reached 5.03 percent, it said, adding that the Vietnamese Government plans to continue reforms in three major areas, including State-owned enterprises, financial-banking system and public investment.
VNA/VOV online- http://www.baobinhthuan.com.vn