Hanoi (VNA) – 🧸Vietnam has made good use of opportunities brought about by the country’s membership of the World Trade Organisation (WTO), according to WTO Director General Roberto Azevedo.

Speaking at a dialogue with Vietnamese businesses during his official visit to Vietnam on April 15, Azevedo said Vietnam is among members having benefited the most from the WTO, earning around 3.6 billion USD as a result of WTO assistance. He underlined remarkable changes in Vietnam both before and after it joined the WTO, citing noteworthy trade liberation, lower taxes and positive reforms in the service sector. The enforcement and protection of intellectual property has also been improved clearly, he said, adding that the Vietnamese government has taken steps to modernize the economy and create a more attractive and favourable business environment. With all those moves, Vietnam has enhanced its prestige among the international business community, which it would not have achieved without joining the WTO, Azevedo said. He added that WTO membership also helps Vietnam avoid trade protection measures and non-trade barriers which are on the rise. Sharing this view, Deputy Minister of Industry and Trade Tran Quoc Khanh reported that Vietnam’s foreign trade value has risen threefold since its WTO accession, while substantial changes have been seen in the country’s institutional environment. Chairman of the Vietnam Chamber of Commerce and Industry Vu Tien Loc affirmed that accession to the WTO forced Vietnam to follow world standards. According to the WTO Director General, Vietnam is on the right track in the process of international integration and trade liberalization. He appreciated Vietnam’s efforts to join regional and bilateral free trade agreements alongside the multilateral trade institution of the WTO. Multilateral and bilateral mechanisms will supplement each other and assist with Vietnam’s integration process, he said, adding that there is no other choice for Vietnam than to strive to meet world trade standards.-VNA