The seminar to evaluate some impacts on the domestic economy after its WTO accession in 2007 was organized in Hanoi by CIEM, part of the Ministry of Planning and Investment.

One and a half years is not long enough to evaluate and overview the WTO’s impact on the economy, said Vo Tri Thanh, an official of CIEM.

According to Mr Thanh, Vietnam’s commitments to integration and improvement of its market-economy mechanism are the most important factors for increasing economic reform and luring foreign investment.

Vietnam needs to take advantage of natural resources and cheap industrial labour forces, he said. He also pointed out some weaknesses of the Vietnamese economy, including poor labour capacity, the modest contribution of finance, banking and insurance to the country’s economic growth, less developed manufacturing and slow development of the agricultural sector.

 
Everyone should get updated on information to fully grasp new opportunities and challenges, said Pham Chi Lan, an economic expert.