Booming exports proves potential of domestic trade
18 Dec '07
1 min read
Vietnam has gained considerably from the World Trade Organization membership. However, it will not be easy to stand the competition once it enters the global market economy.
A conference regarding this was held at Ho Chi Minh City on December 17. Vietnam became a WTO member in January 2007 and the discussions largely revolved around its performance in the first WTO year.
Reports show that Vietnam's GDP grew by 8.5 percent compared to the previous year marking a rise of 20 percent in its exports. Besides, by the end of this year its annual turn over is likely to reach US $48 billion.
In addition to this, Vietnam received nearly $18-19 billion in foreign direct investment (FDI), proving that international communities can rely on the country for investments without having a second thought.
Although, some believe that 70-80 percent of the achievement is due to Vietnam's WTO membership, economic analysts are of the opinion that there have been other significant factors involved as well.
Economic development and FDI have been brought about at the cost of infrastructure which had been neglected all throughout the year. Besides, it has also ushered in high inflation which is becoming a serious cause of trouble.
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