With a majority of votes in favour (90.24 percent), most NA deputies ratified the protocol on Vietnam’s WTO admission. Hence, Vietnam’s National Assembly reached the highest consensus on the ratification of the protocol, showing the legislative body’s determination to co-operate with the State, Party and Government, as well as agencies at all levels to deeply integrate into the global economy, opening up new prospects for further renovation, development and integration.

The protocol on Vietnam’s accession to the WTO was signed by Vietnamese Trade Minister Truong Dinh Tuyen and WTO General Director Pascal Lamy in Geneva, Switzerland on November 7. The protocol is due to take effect 30 days after it was ratified by the NA on November 28. This means that from now on Vietnam is an official member of the WTO with the full interests, responsibilities and obligations associated with it.

In the wake of this significant event, the Vietnamese people are able to look back at the long and hard process of negotiations for WTO accession that took nearly 12 years to conclude. Vietnam’s WTO admission and the NA’s protocol ratification have shown the high consensus and strong will of the Vietnamese people to integrate into the international economic community and also testified to an irreversible trend of renewal policy which has been initiated and pursued by the Party.

Vietnam is determined to fulfill its commitments to the WTO as the country will face both opportunities and challenges.

WTO membership will provide many major opportunities and fresh impetus for Vietnam to boost domestic and foreign investment and production capacity as its goods and services sectors will enjoy equal treatment when gaining access to WTO members’ markets. The country will comply with WTO regulations to compete equally against trading partners and get involved in building global trade-related regulations, thus helping raise its position in the international arena.

As a developing economy in its transitional period, Vietnam will face a number of difficulties in the next few years after joining the organisation. Many Vietnamese sectors, enterprises and products will experience stiff competition in both domestic and foreign markets. Enterprises must also follow trade standardization in their production and business operations to secure a firm foothold in these markets.

With this in mind, Vietnam is determined to overcome all challenges and make the best of opportunities to become an active member of the WTO. Vietnam considers compiling, revising and supplementing legal documents as an important task in its effort to fulfil WTO commitments. Last year alone, the National Assembly compiled and revised 29 laws. This year, the NA will continue to revise and supplement laws and ordinances, particularly those relating to WTO agreements and regulations.

In his speech after the NA ratified Vietnam’s WTO membership protocol, NA chairman Nguyen Phu Trong expressed his belief that under the leadership of the Party and State, Vietnam will overcome all challenges and grasp all opportunities to move forward. It is also the belief of all Vietnamese people and enterprises that after joining the WTO, Vietnam will surpass itself to achieve success in its process for development and international economic integration.