First Vietnam WTO Trade Policy Review Set for 2012

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Aug. 23 – Vietnam’s first trade policy review (TPR) is set for 2012 following the requirements of its membership in the World Trade Organization.

The Ministry of Industry and Trade announced the schedule of the TPR during a seminar held in Hanoi on August 12. WTO members are all required to conduct regular TPRs and this will be a chance for Vietnam to evaluate the benefits of its membership since joining the WTO in 2007.

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The Vietnamese market is still considered to be in its initial stage, which lasts seven years, after opening its services market three years ago.

WTO membership has been good for Vietnam because it helped push the government to improve business regulations and boost foreign direct investment into the country.

However, Vietnam has not taken full advantage of its WTO membership to accelerate export growth while its competitiveness has lagged, according to a report made by a Ministry of Planning and Investment think tank in March.