Deputies heard a report presented by State President Nguyen Minh Triet proposing the ratification of the protocol and a report on the results of
“The ratification is one of the country’s political important events in November affirming
Most commitments comply with the law and the Renewal process
In his report, Mr Tuyen said WTO regulations do not go against the Vietnamese Constitution and the admission is in conformity with the country’s interests and external relations policy. However, he warned that opening up the market at certain stages requires
According to Mr Tuyen, most multilateral commitments will not have a big impact on the national economy as they conform to the country’s legal system and the Doi Moi (Renewal) process.
However, commitments on transparency will be great challenges for State management agencies.
“If these commitments are realised, they will bring about great benefits for people and business circles,” said Mr Tuyen. “People are entitled to give opinions on the compilation of legal documents and economic policies to make them practical.”
Meanwhile, commitments on State-owned enterprises (SOEs) go in line with
“At first Vietnamese enterprises will find it difficult to fulfil commitments to opening up the market under bilateral and regional agreements, but they will gradually overcome challenges and produce important results if they adjust production structure, renew technology and perfect management,” said Mr Tuyen.
He added that the abolition of export and localisation subsidies will not have a big impact on enterprises, and
According to Mr Tuyen, reduction in import taxes will not badly affect budget collection as the tax reduction roadmap is carried out in a five-year period. According to initial statistics, reduction in import taxes will make up about 1 percent of total budget collection in the next five years. Meanwhile, import-export activities are expected to increase sharply and new budget collection sources will be created.
The Trade Minister said opening up the services market will put securities trading companies, banks, goods distributors and maritime transport agencies under strong pressure. But the impact would be minimised if
According to the Trade Minister, WTO membership will cause exports, especially from the garment and textiles sector, to increase dramatically as it is no longer under the quota mechanism. However, he warned that the sector will face tough competition as foreign rivals will spare no effort to protect their interests and sue Vietnamese garment makers for dumping products on their markets.
Mr Tuyen also warned that enterprises which rely on State subsidies and have obsolete technology will meet a lot of difficulties and even go bankrupt, leading to big redundancies.
In an appraisal report, Chairman of the NA Committee for External Affairs mentioned several commitments which he said are more flexible than those of previous WTO members.
Apart from opportunities, Mr Mao said the WTO membership will pose great challenges to the national economy. Therefore, he asked the National Assembly, the Government, ministries, sectors, local administrations, judicial agencies, enterprises, associations and mass organisations to cooperate closely in overcoming the challenges. He also asked relevant agencies to provide people with updated information about WTO-related issues to make them understand opportunities and challenges facing the country and themselves.
A specific action plan needs to be made public soon
Deputy Vu Tien Loc from northern Thai Binh province said that the admission will provide many major opportunities and fresh impetus for
Deputy Ton Nu Thi Ninh from southern Ba Ria-Vung Tau province asked the Government to make public its action plan and develop an export strategy which she said would help limit the filing of the recent anti-dumping lawsuit against tra and basa catfish.
Deputy Le Thi Dung from southern An Giang province noted that it is essential to boost information dissemination so that businesses can take advantage of opportunities when
Deputy Nguyen Thi Hong Minh from the same province underlined some urgent measures for administrative reform and law adjustment when
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