CHINA / Vietnam
WTO status means big opportunities
By Jiang Wei (China Daily)
Updated: 2006-11-17 05:49
Viet Nam's World Trade Organization (WTO) membership is expected to
further facilitate Chinese products and services entering the Southeast
Asian nation, according to a senior trade official.
"Chinese goods and service sectors will gain more market access to Viet
Nam after it joins the WTO," said Chong Quan, spokesperson of China's
Ministry of Commerce.
In its negotiations for accession to the WTO, Viet Nam agreed to largely
cut import tariffs on cargos such as textiles, garments, and household
electrical appliances.
As for service trade, the country made "broad and deep" promises in
sectors including construction, computers and oil and LNG exploitation.
Chong believed that after Viet Nam enters the WTO, its market environment
will be largely improved. The country is expected to increase
transparency in laws and regulations and eliminate discrimination against
foreign investment.
"It not only gives more investment and trade opportunities to China and
other WTO members but also provides Vietnamese consumers with more
choice," Chong said. "The Viet Nam market will become more attractive to
foreign investors."
Bilateral trade between China and Viet Nam reached US$8 billion in the
first three quarters this year and is expected to exceed US$10 billion
for the whole year, reaching the target set by the two governments four
years ahead of schedule.
After Viet Nam's accession to the WTO, imports and exports between the
two countries are expected to reach US$15 billion in 2010.
According to statistics from Viet Nam, China is now the biggest trading
partner of Viet Nam, and the third largest buyer of Viet Nam's goods as
well as the biggest seller to the country.
However, the two sides still enjoy great potential in trade and economic
relations. Last year the value of two-way trade accounted for only 12 per
cent of Viet Nam's total trade, and represented only 0.6 per cent of
China's trade volume.
Viet Nam's major exports to China are crude oil, rubber, vegetables,
seafood and materials for medicine production. In recent years dozens of
trade fairs and exhibitions have been held in the two countries, offering
opportunities for Vietnamese and Chinese business promotion.
Viet Nam is also a major overseas destination of Chinese enterprises:
China's accumulated actual investment in the country totalled US$260
million by September.
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