Workshop: Viet Nam Can Compete against Int’l Competition

Many delegates at a Monday workshop on Viet Nam’s World Trade Organization admission shared a common idea that Vietnamese goods could compete with foreign products despites of increased concern about bankruptcy.  

The workshop, entitled “WTO admission - Advantages, Challenges and the National Assembly’s Role”, was held in Hanoi following the fact that the country became the WTO’s 150th member on November 7.

Many participants said no countries have lost the game completely so far after joining the global trade club, so the “win or lose” question Viet Nam is facing will be solved by itself.

They shared an idea that facing global competition, all enterprises have to improve their capabilities and effectiveness and cut costs.

Global competition can lead many Vietnamese companies to bankruptcy, but after bankruptcy, labor, equipment and machines still remain and the only change is the boss, according to the workshop, which was organized by the National Assembly Office.

Bankruptcy helps strengthen the economy, participants said.

Regarding Viet Nam’s competitiveness, senior economic expert Le Dang Doanh said Vietnamese goods could compete with foreign products.

“When Mc Donald’s came to Viet Nam to survey the market, my advice for them was if Mc Donald’s fast food could compete with various Vietnamese noodle soups like pho, bun and mien. Ten days later, they said they could not,” said Mr. Doanh.

Mr. Steve Parker, director of the Star Vietnam project, also said WTO admission would not cause many direct influences on Viet Nam because WTO members do not cut tariffs on Vietnamese goods.

“However, Viet Nam’s changes in laws and policies subject to WTO requirements will bring about medium- and long-term benefits,” he said.

By Bao Minh – Translated by Minh Tuong

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