VGP – The Central Institute for Economic Management (CIEM) under the Ministry of Planning and Investment on Tuesday organized a seminar to evaluate impacts of international economic integration after four-year admission to the World Trade Organization (WTO).
Dominant achievements include higher economic prospect, stronger economic growth, export market expansion, higher FDI inflow, better resource allocation, more job opportunities, and poverty reduction.
The capacity of business community, administrative bodies, and institution has been improved.
On the other hand, local consumers have opportunities to choose a variety of high-quality products and services with competitive prices, while businesses can also access to better inputs.
However, the integration process also exposed shortcomings relating to the internal economy, like low quality in economic growth, economic structure changes, institutional capacity, workforce, and infrastructure capacity.
CIEM Vice President Võ Trí Thành said that the export structure has not considerably changed as the country still mainly ships abroad raw materials and labor-intensive products such as garments and footwear.
Mr. Nguyễn Đăng Bình, Deputy Director of the Department for National Economic Issues held that Việt Nam has not effectively taken advantages of technological transfer in international integration.
Meanwhile, Dr. Nguyễn Thị Lan Hương, Director of the Institute of Labor and Social Affairs stressed the necessity to improve the competitiveness of the country’s workforce.