Vietnam's Accession to the World Trade Organisation as a Case Study

Abstract

Vietnam’s accession to the WTO in 2007 marked a new step forward to a market economy that will significantly contribute to its economy in general. Vietnam had undergone a difficult period of negotiations in order to achieve WTO membership. However, thanks to these negotiations, Vietnam has gradually amended and supplemented its policies and legal structures to conform to international regulations and practices. In addition, the WTO and its Members have granted Vietnam certain priorities which likely play a crucial role for Vietnam’s economic development. At present, Vietnam still faces a number of difficulties. For instance, its major percentage of GDP is reliant on export natural resources. Nevertheless, Vietnam is a typical example of a central-planned economy accessing to the WTO that has achieved remarkable accomplishments in terms of integrating into international trade and economic growth. Therefore, it is believed that Vietnam will become a new tiger in Asia in the near future