Following reviews of Viet Nam ’s economic progression since its admission to the World Trade Organisation (WTO) one year ago, many leading economic managers and experts agree the impact has been positive.
In an interview with Viet Nam Television, the National Assembly’s Committee for External Relations Chairman and former Head of the Vietnamese mission to the WTO, Ngo Quang Xuan, said what Viet Nam has achieved over the past year demonstrate the positive impact of WTO accession.
"Viet Nam has welcomed more advantages than disadvantages,” Xuan said, using Viet Nam ’s record Foreign Direct Investment (FDI) attraction and export turnovers, and its election as a non-permanent member of the United Nations Security Council for 2008-09, as outstanding examples.
Fetching 39 billion USD from exports over the past ten months of this year, Viet Nam ’s total export revenue is estimated to reach 48 billion USD for 2007, a year-on-year increase of over 20 percent.
Meanwhile, FDI attraction is estimated at 13 billion USD this year following an influx of giant investors and projects. Together with an increase in FDI value, the growing participation of foreign investors in Viet Nam ’s securities market is also a key reason behind the rapid increase of Foreign Indirect Investment (FID) flow into the country.
According to economic experts, the foreign investment sector has benefited most from the “WTO effects”.
Opening the market in line with WTO regulations means international markets will have positive and negative influence on Viet Nam , he said.
Viet Nam ’s commitment to opening doors in the services sector has fuelled strong competition in the national market.
Together with finance and banking, the real estate and retail services sectors have become “hotter” as a result of the increased involvement by foreign investors.
With the achievements that Viet Nam has made this year, the country’s economic prospect in 2008 and the following years is considered bright.
In a report on the Asian economy in 2007, the Asian Development Bank (ADB) forecasted that Viet Nam is likely to reach a Gross Domestic Product growth rate of 8.3 percent this year and the figure may reach 8.5 in 2008 if the country continues with its global economic integration, encourages foreign investment and keeps reforming.
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