Vietnam marks 15 years of WTO accession

Vietnam marks 15 years of WTO accession

On November 7, 2006, Vietnam was declared the 150th member of the World Trade Organization (WTO) following eight years of negotiations on trade in goods, trade in services, trade-related investment and trade-related intellectual property.

Vietnamese Deputy Minister of Trade Luong Van Tu and US Deputy Trade Representative Karan Bhatia signed an official agreement concluding bilateral negotiations on Vietnam’s accession to the WTO on May 31, 2006

The organization’s negotiating team with Vietnam was set up on January 31, 1995 and met 14 times between July 1998 and October 2006. In late November 2001, the Politburo issued Resolution 07-NQ/TW on international economic integration.

Vietnam’s accession to the WTO raised many concerns, such as the bankruptcy of the agricultural sector and state-owned enterprises. However, the country has made major strides over the past 15 years on the path of international integration, confidently joining the global playground.

Eirik Glenne, chairman of the working party for Vietnam’s accession to the WTO, and Vietnamese Deputy Minister of Trade Luong Van Tu declared Vietnam’s accession to the WTO

What has Vietnam achieved?

First, Vietnam has become a reliable partner of the international community, establishing comprehensive strategic partnerships with the US, India, the EU, China, Japan, Singapore, Australia, the Republic of Korea, and the UK.

Second, the country’s total export value has skyrocketed from US$39.6 billion in 2006 to US$281.5 billion in 2020. Vietnam’s exports reached an estimated US$335.23 billion in 2021.

Vietnam has also become an attractive destination for foreign investors. Newly registered capital, adjusted capital and capital contribution or share purchases by foreign investors in Vietnam reached US$31.15 billion as of December 20, 2021, an increase of 9.2 percent compared to 2020. The country currently has 34,500 valid foreign direct investment (FDI) projects with total capital of more than US$408 billion from 141 countries and territories.

Fourth, the Vietnamese economy has achieved positive growth. Since 2010, Vietnam’s gross domestic product (GDP) growth has been at least five percent per year.

The achievements of WTO accession and the process of international economic integration have created the foundation for Vietnam’s integration in culture, security, science and technology.

The number of Vietnamese businesses has exceeded 800,000, with increasingly improved quality.

The agricultural sector has grown in a modern direction and enhanced its added value. Despite the resurgence of the Covid-19 pandemic, Vietnam’s farm produce exports reached an estimated US$47 billion in 2021.

Last but not least, Vietnam has developed a new legal system in line with a socialist-oriented market economy and in accordance with WTO regulations.

VietNam Economic News