After joining the WTO, Vietnam has gone through a turbulent journey but also achieved proud achievements. Efforts in opening up the economy, reforming institutions and strengthening international cooperation have brought Vietnam not only outstanding growth in trade, but also helped attract large foreign investment, contributing to changing the face of Vietnam's economy. helping Vietnam have a solid position in the region and globally.
Promoting international economic cooperation and expanding export markets
Since joining the WTO, Vietnam has achieved significant achievements in trade. Vietnam's export turnover grew strongly, from over 48 billion USD in 2007 to over 371 billion USD in 2022 (a record export year), nearly 8 times higher than at the time of accession.
Vietnam is currently in the group of 20 economies with the largest trade size in the world, maintaining a continuous trade surplus during the past eight years, with the trade surplus increasing from 1.77 billion USD in 2016 to a record level of over 28 billion USD in 2023.
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Hana Micron Vina Co., Ltd. is 100% invested in Korea, specializing in manufacturing and processing integrated IC boards used for mobile phones and other smart electronic products. (Photo: Tuan Anh/VNA)
The structure of Vietnam's export goods also has a strong shift from agricultural and fishery products to processed and high-tech industrial goods.
In 2023, the export turnover of processing and manufacturing industrial goods will account for 85% of the total export turnover. Products such as phones, electronic components, machinery, equipment and textiles have become the main export products of Vietnam, contributing positively to trade achievements and improving the competitiveness of Vietnamese enterprises in the international market.
Joining the WTO not only promotes trade growth but also expands economic cooperation and diversifies export markets for Vietnam.
As of October 2024, Vietnam has signed and implemented 17 FTAs and is negotiating 2 other FTAs. In particular, new-generation FTAs, including the Vietnam-EU Free Trade Agreement (EVFTA) and the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP)... have helped Vietnam gain extensive access to major markets, thereby improving the competitiveness of export goods.
According to data from the General Statistics Office, in 2023, bilateral trade turnover between Vietnam and the EU will reach 72.3 billion USD. Vietnam is currently the EU's largest trading partner in ASEAN.
In addition, trade with the US, Japan, South Korea and China has also recorded a lot of progress, making Vietnam an important trading partner in the Asia-Pacific region.
Thanks to market expansion, Vietnamese businesses have had the conditions to improve products, improve quality and meet increasingly strict international standards.
Increasing the attraction of foreign direct investment (FDI)
Joining the WTO has opened the door to attract foreign direct investment (FDI) into Vietnam, helping Vietnam quickly become an attractive destination for international investors.
In 2008, the amount of FDI registered in Vietnam reached 64 billion USD, three times higher than in 2007.
By 2023, FDI registered in Vietnam will reach 36.6 billion USD, making Vietnam one of the world's leading FDI attracting countries.
FDI enterprises specialize in the production of electronic components, creating stable jobs for nearly 2,000 workers. (Photo: Nguyen Thao/VNA)
FDI contributes significantly to the process of industrialization and modernization, helping Vietnam participate more deeply in the global supply chain and create millions of new jobs for workers.
Large corporations in the field of high technology such as Samsung, Intel, LG and Foxconn have chosen Vietnam as a production base, creating a driving force to promote supporting industries and technological innovation.
FDI inflows also bring long-term benefits, improve production capacity and improve the management level of domestic enterprises, thereby helping Vietnam gradually become an important link in the global value chai./.
