Vietnam's 18-Year Journey in WTO: Achievements and Future Prospects

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Over the past 18 years, this membership has strengthened Vietnam’s position in global value chains while demonstrating its strong commitment to international economic integration. Vietnam’s efforts to open up its economy, reform institutions, and enhance international cooperation have not only led to remarkable trade growth but also attracted significant foreign investment. These changes have transformed Vietnam’s economic landscape, securing a strong position for the country both regionally and globally.

Promote international economic cooperation, expand export markets

Since becoming a WTO member, Vietnam has transformed its trade landscape, with export turnover soaring from USD 48 billion in 2007 to USD 371 billion in 2022. Now among the top 20 global trading economies, Vietnam has maintained a trade surplus for eight consecutive years, hitting USD 28 billion in 2023. Furthermore, Vietnamese trade relationships with several major global economies such as the United States, Japan, the Republic of Korea, and China also witnessed significant progress, all of which have helped to elevate Vietnam to be a key trade partner within the Asia-Pacific region.

Vietnam's export turnover has significantly increased from 48 billion USD in 2007 to over USD 371 billion in 2022, nearly eight times higher than before. The country's export structure has shifted from agricultural and aquatic products to processed and high-tech industrial goods, with key exports including phones, electronic components, machinery, equipment, and textiles.

Photo: Financial Tribune

Its WTO membership has not only spurred trade growth but also expanded economic cooperation and diversified export markets. Agreements like the EU-Vietnam Free Trade Agreement (EVFTA) and the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) have enabled Vietnam to access larger markets and enhance the competitiveness of its exports.

Alongside its participation in FTAs, Vietnam's FDI surged from USD 64 billion in 2008 to USD 36.6 billion in 2023, highlighting its efforts to integrate into the global economy. The country has become a key production center for high-tech companies like Samsung, Intel, LG, and Foxconn, which have set up manufacturing plants, boosting industry growth and driving technological innovation. The influx of FDI has not only boosted the Vietnamese manufacturing sector, but has also led to long-term benefits, such as improving domestic companies’ production capacity and management skills. These improvements have contributed to positioning Vietnam as an increasingly important link in global value chains.

Additionally, the engagement in the WTO has pushed ahead the country’s strong reform of its legal system and economic institutions to enhance transparency in economic management, better business climate, and improve its position internationally. According to the World Economic Forum, Vietnam’s Global Competitiveness Index (GCI) moved up 13 places in the 2007 - 17 period, from the lower half of the rankings to the upper. In 2019, its GCI improved 10 places to the 67th position among the 141 economies.

Vietnam's economic integration and policy reforms, especially through the WTO and FTAs, have fueled its economic growth. This has strengthened the country's global standing, modernized its economy, and improved the lives of its people.

World Trade Organisation’s 13th Ministerial Conference (MC13), held in February, 2024, in Abu Dhabi. (Photo: VNA)

Vietnam commits to support WTO efforts

At the World Trade Organisation’s 13th Ministerial Conference (MC13), held in February 2024, in Abu Dhabi, Minister of Industry and Trade Nguyen Hong Dien spoke highly of the WTO’s role in guiding and promoting trade liberalization effectively.

For the WTO and the MC13 to play a stronger role in propelling sustainable growth and creating more practical opportunities for businesses and citizens, he proposed that WTO members focus on discussions and negotiations that have shown progress to narrow gaps and move toward consensus among them, with the reform of the WTO dispute settlement mechanism playing a crucial role.

He also stressed the importance of finding development-appropriate solutions and addressing differences regarding special and differential treatment to ensure a balance of rights and obligations for all members, tailored to the development level of each country. Vietnam has been fully realizing the outcomes of the MC12, he said, adding that like many other responsible members, Vietnam is committed to supporting efforts and initiatives to reform the WTO in order to improve the effectiveness of its operation, VNA reported.

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