Vietnam’s 2nd WTO trade policy review session opens

The Vietnamese side was chaired by Deputy Minister of Industry and Trade Tran Quoc Khanh, and the WTO side by Botswana Ambassador Athaliah Lesiba Molokomme.

In her opening address, Molokomme spoke highly of Vietnam’s economic achievements in the recent past and said the country had responded to most of the 850 questions posed by 31 WTO members in a short time.

On behalf of the Vietnamese delegation, Khanh underlined the positive results recorded by Vietnam since its first TPR session in 2013, including the outcomes in export-import and economic improvements and reforms, along with the building and enforcement of trade-related policies in the time to come.

Data shows that Vietnam’s exports-imports have surged 170-fold since the beginning of the country’s Doi Moi (Renewal) process in 1986, 37-fold since it joined the Association of Southeast Asian Nations (ASEAN) in 1995, and four-fold since becoming an official WTO member in 2007.

The WTO’s World Trade Statistical Review 2020 revealed that Vietnam enjoyed the fastest growth among 50 countries and territories, with the largest world merchandise trade, jumping to 23rd place in 2019 from 39th in 2009.

The figures illustrate the openness of Vietnam’s economy and the country’s close compliance with international commitments since joining the WTO.

Khanh also emphasised Vietnam’s determination in further integration, economic reforms, and enforcement of international commitments.

Delegates highly valued Vietnam’s accomplishments and appreciated its active role in WTO activities.

WTO members posed questions regarding Vietnam’s economic environment, trade and investment institutions, trade policies on customs regulations, preferential export-import tariffs, and the development of major sectors like agriculture, aquaculture, and energy, among others.

The TPR is one of three pillars of the WTO and held regularly to ensure transparency in the implementation of commitments and obligations.

Vietnam is in the group of members with a seven-year review cycle. Its first took place in 2013 in Geneva, Switzerland.