Ex-WTO chief offers advice on Vietnam’s trade growth
Ex-WTO chief offers advice on Vietnam’s trade growth
Vietnam has made certain economic achievements since it joined the World Trade Organization (WTO) seven years ago, but it should continue perfecting its legal system and investing further in education to meet WTO standards, a former head of the international trade body said Monday in Hanoi.
Pascal Lamy, who became WTO Director-General in 2005 and left the post in 2013, yesterday talked economic and trade issues with the Vietnamese business community during a discussion hosted by the Vietnam Chamber of Commerce and Industry and the Ministry of Foreign Affairs on the occasion of his visit to the Southeast Asian country.
Lamy spoke highly of Vietnam’s success in economic growth, trade development, foreign investment attraction, and tourism after becoming a WTO member in 2007.
He underscored that during the global economic slowdown and financial crisis, Vietnam still managed to post positive economic growth.
The French political advisor and businessman signed Vietnam's accession to the WTO in 2006, one year into his first term as the general director of the Geneva-headquartered organization.
Vietnam officially became the WTO's 150th member on January 11, 2007, according to the organization’s website.
Lamy recommended that Vietnam continue improving its legal system to live up to WTO standards.
The former WTO chief said the world has been changing rapidly and trade openness now has a huge impact on the global economic structure.
Vietnamese enterprises must ensure the quality of their products, even in the lower-end market segments, Lamy said.
Lamy added Vietnam should review its competitive edge to determine what sectors should be prioritized for trade development.
The prioritized sectors should be those that create the most added values rather than export revenues, he noted.
Vietnam has no choice but to increase its competitive advantage, which Lamy said is the people of the Southeast Asian country.
The Vietnamese people are a huge strength for growth, and the country thus must spur investment in education, he urged.
For instance, he said, the problem of the fishing sector is not how many fish are caught, but how the local workforce can gain the best possible economic values from their catches.
The former WTO chief believed that the best trade policy for Vietnam is to invest in and improve education.
tuoitrenews
