15-year WTO membership: Vietnam affirms position in international integration

Since Vietnam joined the World Trade Organisation (WTO) 15 years ago, the country has made big strides on the path of international integration, confidently joining the global playground.

15-year WTO membership: Vietnam affirms position in international integration hinh anh 1

Illustrative image (Source: VNA)

Since Vietnam joined the World Trade Organisation (WTO) 15 years ago, the country has made big strides on the path of international integration, confidently joining the global playground.

With 17 free trade agreements (FTAs) whose negotiations have been completed or underway, Vietnam has become an open economy with a trade to GDP ratio of up to 200 percent.

According to the Agency of Foreign Trade under the Ministry of Industry and Trade (MoIT), Vietnamese firms have maximised advantages to boost exports and penetrate into new markets.

The country’s total export-import value rose from 84.7 billion USD in 2006 to 545.3 billion USD last year. In the first 10 months of this year, the figure was 537.31 billion USD.

Vietnam has always recorded a trade surplus, from 1.77 billion USD in 2016, to 2.1 billion USD in 2017, 6.8 billion USD in 2018, 10.9 billion USD in 2019 and 19 billion USD in 2020.

The structure of exports has been improved significantly, with the turnover of processed industrial goods increasing from 80.3 percent in 2016 to 85.1 percent in 2019 and 85.2 percent last year.

Deputy Minister of Industry and Trade Tran Quoc Khanh cited a report by the WTO last year as saying that among the top 50 merchandise traders, Vietnam recorded the biggest increase in the world's rankings, leaping from the 39th place in 2009 to the 23rd position in 2019.

The numbers reflect that Vietnam is an open economy after joining the WTO and seriously realising its commitments, he stressed.

Moreover, the signing and implementation of FTAs have helped the country attract more foreign direct investment (FDI), creating momentum for the national economy, the official added.

Ngo Chung Khanh, Deputy Direrector of the MoIT’s Multilateral Trade Policy Department, said apart from reducing administrative procedures, the ministry will continue with the communication work to raise domestic firms’ awareness of the FTAs.

Notably, the ministry will speed up the building of the FTA Portal (FTAP), he said, adding that more than 20 ministries and agencies will join a working group to operate and upgrade the portal.

Deputy Minister Khanh affirmed that Vietnam will further promote trade policies comprehensively and synchronously to boost economic development in tandem with sustainable development.

Vietnam will work harder to effectively implement the present international commitments and FTAs, while seeking potential partners to conduct negotiations on new FTAs, thereby helping to expand trade ties in the future, he said./.

Source: VNA
en.vietnamplus.vn

Related News

The Sixth IP & Innovation Researchers of Asia Conference held in Viet Nam

The Sixth IP & Innovation Researchers of Asia Conference held in Viet Nam

On 18 and 19 January 2024, Intellectual Property & Innovation Researchers of Asia (IPIRA) Conference held its sixth Conference in Ha Noi, Viet Nam, under the co-organization of the World Intellectual Property Organization (WIPO) Academy, and the World Trade Organization (WTO). The IPIRA Conference is today one of the premiere annual academic gatherings in Asia, attracting a large number of participants. The sixth IPIRA Conference brought together 250 presenters, chairs, policy makers, officials and participants across Asia and the Pacific, Europe, Africa, and the Americas to meet and discuss their works-in-progress.
Room for international integration remains huge: PM

Room for international integration remains huge: PM

National development has been promoted in both quality and quantity over the 10 years of implementing the Politburo’s resolution on international integration, but there remains huge room for Vietnam to further integrate into the world, said Prime Minister Pham Minh Chinh.
Vietnam, WTO agree to promote multilateral trading

Vietnam, WTO agree to promote multilateral trading

Vietnamese Minister of Industry and Trade Nguyen Hong Dien and Director-General of the World Trade Organisation (WTO) Ngozi Okonjo-Iweal agreed to promote the multilateral trading system and other agendas being launched by the organisation, during their working session in Hanoi on May 18.
Prime Minister receives WTO Director-General

Prime Minister receives WTO Director-General

Prime Minister Pham Minh Chinh on May 18 hosted a reception for Director-General of the World Trade Organisation (WTO) Ngozi Okonjo-Iweala, who is on a working visit to Vietnam.

Latest News

Việt Nam establishes central steering committee to lead innovation and digital transformation

Việt Nam establishes central steering committee to lead innovation and digital transformation

This initiative seeks to position Việt Nam as a regional hub for digital technology industries and rank among the top 30 nations globally in innovation and digital transformation by 2045.
Ho Chi Minh City: Diversifying forms of support for businesses exporting goods

Ho Chi Minh City: Diversifying forms of support for businesses exporting goods

VCN - To help businesses increase their exports, Ho Chi Minh City has many forms of support and connection between businesses and foreign partners to expand their markets.
Year-end stimulus expected to boost economic growth

Year-end stimulus expected to boost economic growth

A series of year-end stimulus solutions is expected to spur Việt Nam’s economy to achieve the GDP growth target of over 7 per cent this year.
Enterprises focus on Tet care for employees

Enterprises focus on Tet care for employees

VCN - Tet bonuses are always an issue that receives special attention from employees at the end of each year. This year, the economy is facing many difficulties, many enterprises in the southern provinces have announced Tet bonuses, reflecting their tireless efforts to ensure the rights of employees.

More News

Experts point out economic growth drivers, challenges for next year

Experts point out economic growth drivers, challenges for next year

Several growth drivers are in place to help Việt Nam achieve its GDP growth rate goal of 6.5-7 per cent next year, but rapid and strong international fluctuations remain challenges to watch out for.
Việt Nam’s GDP growth to outpace region peers: Oxford Economics

Việt Nam’s GDP growth to outpace region peers: Oxford Economics

Việt Nam will be the standout among the top six ASEAN economies (ASEAN-6), growing at a faster pace relative to its peers during the next few years, according to the Oxford Economics, a global economic advisory firm.
PM asks efforts to achieve more than 8 per cent economic growth in 2025

PM asks efforts to achieve more than 8 per cent economic growth in 2025

Prime Minister Phạn Minh Chính has issued Official Dispatch No 137/CĐ-TTg on Friday on accelerating economic growth next year.
Việt Nam

Việt Nam's administrative restructuring will not impact foreign investors, says Foreign Ministry

Under the restructuring roadmap, the government will retain eight ministries and agencies but streamline their internal structures. For the remaining 14, the government will carry out reorganisation and mergers to reduce the number of administrative bodies.
Vietnam’s GDP growth to outpace region peers: Oxford Economics

Vietnam’s GDP growth to outpace region peers: Oxford Economics

Vietnam will be the standout among the top six ASEAN economies (ASEAN-6), growing at a faster pace relative to its peers during the next few years, according to the Oxford Economics, a global economic advisory firm.
Government Party Organisation must be elite, streamlined, ensure effective operations: PM

Government Party Organisation must be elite, streamlined, ensure effective operations: PM

Prime Minister Pham Minh Chinh, head of the Government Steering Committee for summarising the implementation of Resolution 18-NQ/TW of the 12th Party Central Committee, which seeks to streamline the political system for greater efficiency and effectiveness, chaired the fifth meeting of the committee in Hanoi on December 19.
Vietnam among Asia’s 15 largest economies

Vietnam among Asia’s 15 largest economies

The statistical visualisation platform Seasia Stats recently ranked Vietnam among the top 15 economies in Asia, with projected economic output reaching some 506 billion USD in 2025.
Chinese media praises Vietnam’s economic achievements, outlook

Chinese media praises Vietnam’s economic achievements, outlook

Chinese media outlets, including The Paper, CRI, Sohu, Sina, the Guangdong E-Commerce Association's website, and BWC, have published numerous reports and analyses highlighting Vietnam’s remarkable economic achievements in 2024 and its promising outlook for 2025.
Vietnam International Defence Expo 2024 opens

Vietnam International Defence Expo 2024 opens

The Vietnam International Defence Expo 2024 is due to kick off on December 19 morning at Gia Lam airport in Hanoi, gathering more than 200 units and enterprises from over 30 countries worldwide.
Read More

Your care

Latest Most read
Việt Nam establishes central steering committee to lead innovation and digital transformation

Việt Nam establishes central steering committee to lead innovation and digital transformation

This initiative seeks to position Việt Nam as a regional hub for digital technology industries and rank among the top 30 nations globally in innovation and digital transformation by 2045.
Ho Chi Minh City: Diversifying forms of support for businesses exporting goods

Ho Chi Minh City: Diversifying forms of support for businesses exporting goods

To help businesses increase their exports, Ho Chi Minh City has many forms of support and connection between businesses and foreign partners to expand their markets.
Year-end stimulus expected to boost economic growth

Year-end stimulus expected to boost economic growth

A series of year-end stimulus solutions is expected to spur Việt Nam’s economy to achieve the GDP growth target of over 7 per cent this year.
Enterprises focus on Tet care for employees

Enterprises focus on Tet care for employees

VCN - Tet bonuses are always an issue that receives special attention from employees at the end of each year. This year, the economy is facing many difficulties, many enterprises in the southern provinces have announced Tet bonuses, reflecting their tirel
Experts point out economic growth drivers, challenges for next year

Experts point out economic growth drivers, challenges for next year

Several growth drivers are in place to help Việt Nam achieve its GDP growth rate goal of 6.5-7 per cent next year, but rapid and strong international fluctuations remain challenges to watch out for.
Mobile Version