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

Prime Minister to attend 8th Greater Mekong Subregion Summit

Prime Minister to attend 8th Greater Mekong Subregion Summit

Prime Minister Pham Minh Chinh will lead a high-level delegation to the 8th Greater Mekong Subregion (GMS) Summit in Kunming, China’s Yunnan province, from November 5 to 8, at the invitation of Chinese Premier Li Qiang.
PM's visit a significant milestone in Vietnam – Qatar relations: Vietnamese FM

PM's visit a significant milestone in Vietnam – Qatar relations: Vietnamese FM

Deputy Prime Minister and Foreign Minister Bui Thanh Son has granted and interview to Qatar's Asian Telegraph Newspaper on the outcomes of Prime Minister Pham Minh Chinh's visit to the Middle Eastern country from October 30 to November 1, as well as the cooperation prospects between the two countries.
Cuban top legislator concludes Vietnam visit

Cuban top legislator concludes Vietnam visit

Politburo member of the Communist Party of Cuba and President of the National Assembly of People’s Power Esteban Lazo Hernandez and the Cuban delegation successfully concluded their visit to Vietnam on November 3.
State President welcomes top legislator of Cuba

State President welcomes top legislator of Cuba

State President Luong Cuong met with Politburo member, President of the National Assembly of People’s Power, and President of the Council of State of Cuba Esteban Lazo Hernandez in Hanoi on November 2.

More News

Remove "bottlenecks" for economic breakthrough

Remove "bottlenecks" for economic breakthrough

VCN - In recent articles and speeches, General Secretary and President To Lam has repeatedly mentioned that the country is facing a new era of national growth. General Secretary and President To Lam also requested that the “bottlenecks” of the economy must be quickly removed, creating innovation and breakthroughs to complete the set tasks.
Int’l organisations, experts remain optimistic about Vietnam's economic outlook

Int’l organisations, experts remain optimistic about Vietnam's economic outlook

International organisations and experts have made positive comments on the Vietnamese economy, affirming their optimism about Vietnam's economic outlook.
Party chief clarifies major issues on new era of nation

Party chief clarifies major issues on new era of nation

Prof. Dr. To Lam, General Secretary of the Communist Party of Vietnam (CPV)’s Central Committee on October 31 had a discussion with participants of a training course for officials planned for the 14th Party Central Committee, focusing on a number of issues on a new era – the era of the nation’s rise.
Vietnam, others call on US to immediately end embargo against Cuba

Vietnam, others call on US to immediately end embargo against Cuba

Vietnam calls on the US to immediately end its embargo against and remove Cuba from the list of state sponsors of terrorism, moving towards normalising relations between the two countries based on equality, mutual respect, and respect for each other's national sovereignty and political independence, stated Ambassador Dang Hoang Giang, Permanent Representative of Vietnam to the UN.
Vietnam

Vietnam's economy is recovering well

VCN - According to Dr. Nguyen Quoc Viet, Deputy Director of the Vietnam Institute for Economic and Policy Research (VEPR), by the end of the third quarter of this year, Vietnam's economy had recovered relatively well amid optimism about the overall growth of the world economy in late 2024 and 2025.
“Carbon footprint” reduction needed for sustainable tourism development: insiders

“Carbon footprint” reduction needed for sustainable tourism development: insiders

Vietnam's tourism industry is making efforts to reduce its “carbon footprint” in pursuit of sustainability, focusing on developing “green tours”, upgrading transport infrastructure, and developing renewable energy-used vehicles, said insiders.
Concerted efforts underway to prevent IUU fishing

Concerted efforts underway to prevent IUU fishing

Vietnam is making thorough preparations to welcome the European Commission (EC)'s inspection delegation with the hope of having its “yellow card” on illegal, unreported and unregulated (IUU) fishing against the fisheries sector removed, thus boosting seafood exports to the EU market.
Vietnam needs to diversify supply chains for sustainable growth: economists

Vietnam needs to diversify supply chains for sustainable growth: economists

The diversification of global supply chains is creating significant opportunities for Vietnam to engage more deeply in international production networks. However, along with market expansion prospects, there are challenges posed by trade tensions, the reality of climate change accompanied by natural disasters, and the requirements for carbon emissions reduction, according to experts.
PM arrives in Abu Dhabi, beginning official visit to UAE

PM arrives in Abu Dhabi, beginning official visit to UAE

Prime Minister Pham Minh Chinh, his spouse and a high-ranking delegation of Vietnam arrived at Zayed International Airport in Abu Dhabi at 11 am on October 27 (local time), starting their official visit to the United Arab Emirates (UAE) at the invitation of President Mohamed bin Zayed Al Nahyan.
Read More

Your care

Latest Most read
Prime Minister to attend 8th Greater Mekong Subregion Summit

Prime Minister to attend 8th Greater Mekong Subregion Summit

Prime Minister Pham Minh Chinh will lead a high-level delegation to the 8th Greater Mekong Subregion (GMS) Summit in Kunming, China’s Yunnan province, from November 5 to 8, at the invitation of Chinese Premier Li Qiang.
PM's visit a significant milestone in Vietnam – Qatar relations: Vietnamese FM

PM's visit a significant milestone in Vietnam – Qatar relations: Vietnamese FM

Deputy Prime Minister and Foreign Minister Bui Thanh Son has granted and interview to Qatar's Asian Telegraph Newspaper on the outcomes of Prime Minister Pham Minh Chinh's visit to the Middle Eastern country from October 30 to November 1, as well as the cooperation prospects between the two countries.
Cuban top legislator concludes Vietnam visit

Cuban top legislator concludes Vietnam visit

Politburo member of the Communist Party of Cuba and President of the National Assembly of People’s Power Esteban Lazo Hernandez and the Cuban delegation successfully concluded their visit to Vietnam on November 3.
State President welcomes top legislator of Cuba

State President welcomes top legislator of Cuba

State President Luong Cuong met with Politburo member, President of the National Assembly of People’s Power, and President of the Council of State of Cuba Esteban Lazo Hernandez in Hanoi on November 2.
Remove "bottlenecks" for economic breakthrough

Remove "bottlenecks" for economic breakthrough

General Secretary and President To Lam requested that the “bottlenecks” of the economy must be quickly removed, creating innovation and breakthroughs to complete the set tasks.
Mobile Version