VN fails to benefit from WTO: experts
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Vietnam has failed to reap expected benefits from joining the World Trade Organisation (WTO) and has in fact seen slower growth since becoming a member, experts say.
Their assessment was made at a conference held earlier this week by the Central Institute for Economic Management (CIEM) to review the nation’s socio-economic situation five years after joining the WTO. During the 2007-2011 five-year period since it joined the WTO, the country's gross domestic product (GDP) stood at 6.5 per cent, down 1.3 percentage points over the 2002-2006 period, the conference heard.
Delegates agreed that after it gained WTO admission, the country had come under strong pressure caused by tough competition with foreign companies in both the domestic and world markets. They said that some companies operating in the insurance and distribution sectors had lost their shares in the domestic market.
During the post-WTO admission period, the service sector grew by just 0.1 percentage points to 7.5 per cent.
