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Joining WTO helps promote local economic growth

(VOV) This comment was made by the National Assembly Committee for External Affairs at the sixth plenary session held in Hanoi on May 11.
One year after Vietnam joined the World Trade Organisation (WTO), the national economy has achieved significant improvements. In 2007, industrial export increased by 17.1 percent compared to 2006, export value rose by 35.4 percent, and foreign direct investment hit a record high of US$20.3 billion (up 69.2 percent).
This achievement is attributed to comprehensive implementation of solutions. Joining the WTO is considered an important prerequisite for improving the business environment and attracting foreign investment attraction.
In many localities, Vietnam’s entry to the WTO has helped accelerate economic growth, trade, tourism and investment promotion. Even disadvantaged provinces such as Ha Tinh and Thai Binh have gotten a facelift. Provinces have mobilised significant capital for their development, especially capital from the foreign investment sector and non-State owned businesses. Localities have paid more attention to environmental protection and market development, particularly the labour and services markets, including insurance, finance and banking. These factors have created good conditions for localities to attract investment and technologies, increase exports and restructure their economies.

However, some agencies and authorities have not been fully aware of the integration impact. Manifestations include weak business competitiveness, small scale production, and shortages of highly qualified workers and managers. Localities find it difficult to implement socio-economic development solutions in the integration process and seem to rely upon the central Government

At the meeting, delegates heard reports on the world situation and the Vietnamese State’s external affairs as well as the committee’s activities in recent times and plans for the future.

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