WTO integration – extension to Vietnamese reform

Apart from Vietnam’s noteworthy economic achievements after six years of integration, the country has had shortcomings in realizing its commitments to the WTO such as complicated administrative formalities and lack of transparency and unity of implementing trade policies, added Khanh.

The country will strive to overcome shortcomings in the coming time, he stated.
Vietnam has seriously fulfilled the commitments to opening its market, gradually perfecting legal frameworks in addition to creating a fair and favourable business climate for both domestic and foreign investors, he noted.

Thanks to the integration, Vietnamese exporters have had better access to foreign markets and greatly contributed to national export turnover.

Many administrative reform programmes have been carrying out effectively to help businesses reduce costs and raise the effectiveness of their investments.

Addressing the event, Head of the EU Delegation to Vietnam Ambassador Franz Jessen highlighted the significant outcomes of the review and required the country to continue its reform.

He further said the economy needs appropriate trade policies to enhance its comprehensive effectiveness, capacity and competitiveness, which are the key to efficiently implementing the Vietnam-EU Free Trade Agreement to be signed in the future.

The EU will continue to support Vietnam through the European Trade Policy and Investment Support Project (EU-MUTRAP) to tackle the aforementioned shortcomings, declared the ambassador.

The results also revealed that trade liberalisation and foreign investment have bolstered national economic modernisation, bringing about considerable improvements such as a big tariff reduction and the comprehensive renovation of services and the better enforcement of intellectual property rights.