Sunday, December 09, 2007

WTO commitments facilitate Viet Nam’s development

Viet Nam has strictly abided by its commitments after one year membership of the WTO, facilitating exports and foreign investment influx, Deputy Minister of Industry and Trade Le Danh Vinh said.

Addressing this year’s Consultative Group (CG) Meeting for Viet Nam on December 6, Deputy Minister Vinh said the Government issued an action program to implement the nation’s commitments after joining the WTO.

The program defines relevant agencies’ tasks and asks enterprises of all economic sectors to take advantage of opportunities and overcome challenges to help Viet Nam enter a new development period, he said.

He went on to say that in 2007, Viet Nam issued documents to give overseas enterprises and foreigners the same rights as Vietnamese businesses to export and import goods.

The Vietnamese State also committed to not intervening directly or indirectly to State-owned enterprises (SOEs) and State commercial enterprises’ activities, he said, adding that SOEs’ purchases are not considered as Government’s purchase.

The deputy minister said the nation cut and reduced more than 1,800 tax lines, mostly related to textile and fruit and vegetable, toward further opening the market. It also strictly complied with import tax reduction. Taxation of some products was cut and reduced before deadlines, such as vehicles and milk.

Furthermore, Viet Nam put forward solutions to reducing potential impacts to society. For sustainable development, the deputy minister suggested the Government needed comprehensive policies on social welfare, education, training and human resource development, especially for workers in rural areas.

At the Viet Nam Business Forum held on December 4 on the threshold of the CG meeting, International Financial Company Country Director Sin Foong Woong said Viet Nam has gained quick progress in meeting open market economy requirements and its commitments after joining the world’s biggest trade body.

He also acknowledged that in addition to further economic development, market openness and the Government’s reform efforts, Viet Nam ’s admission to the WTO has brought more advantages than difficulties to the country.