On the morning of May 18, Prime Minister Pham Minh Chinh received Director General of the World Trade Organization (WTO), Ms. Ngozi Okonjo-Iweala, who is on a working visit to Vietnam.
The Prime Minister highly appreciated the role and efforts of the Director-General in operating and promoting WTO activities; congratulated the Director-General on the remarkable results achieved since taking office as WTO Director-General in March 2021.
In the process of international integration in general and international economic integration in particular, Vietnam always appreciates the cooperation and support of the WTO. Becoming the 150th member of the WTO in 2007 was an important milestone in Vietnam's integration process, contributing to making Vietnam a highly open economy, up to 200% of GDP, becoming one of the world's top 20 economies in international trade, improving the trade balance of goods, shifting from trade deficit to trade surplus for 6 consecutive years from 2016 to present. Vietnam's export turnover has increased nearly 8 times compared to the time Vietnam officially joined the WTO in 2007 (from 48 billion USD to 371 billion USD in 2022); realized FDI capital reached about 22.4 billion USD.
After more than 35 years of innovation, in 2022, the scale of Vietnam's economy will reach 409 billion USD; per capita income will increase from 160 USD to 4,100 USD; GDP growth will reach over 8%. The macro economy will be stable, inflation will be controlled, major economic balances will be ensured; socio-political stability, national defense and security will be strengthened; independence, sovereignty and territorial integrity will be maintained; foreign affairs will be promoted and achieve many positive results. Vietnam is the country with the fastest growth rate in brand value in the world in the 2020-2022 period, currently reaching 431 billion USD.
The Prime Minister affirmed that as a responsible member of the WTO, Vietnam advocates promoting a proactive and active role in the WTO's cooperation frameworks, striving to fully implement its commitments and make positive and constructive contributions to issues of common concern at the WTO; building an independent and self-reliant economy associated with proactive and active international integration, deeply, substantially and effectively.
The Prime Minister affirmed that as a responsible member of the WTO, Vietnam advocates promoting a proactive and active role in the WTO's cooperation frameworks, striving to fully implement its commitments and make positive and constructive contributions to issues of common concern at the WTO - Photo: VGP/Nhat Bac
Based on the WTO rules, Vietnam has signed and is implementing 15 FTAs, including 3 new generation FTAs (CPTPP, EVFTA, UKVFTA). Vietnam has just concluded FTA negotiations with Israel and is moving towards official signing in 2023; at the same time, promoting the possibility of FTA negotiations with a number of other potential partners...
The Prime Minister emphasized that, at present, in the context of the rapidly and strongly changing world situation with many challenges, Vietnam always supports an open, transparent, fair and rule-based multilateral trading system with the WTO playing a central role to promote trade and investment, while contributing to effectively responding to challenges facing countries, such as connecting supply chains, eliminating tariff barriers, fighting trade protectionism; promoting trade exchanges in the context of global trade showing signs of decline at present.
To further strengthen the cooperative relationship between the WTO and Vietnam, the Prime Minister hopes that the WTO will continue to promote its coordinating role to promote global trade in an inclusive, balanced direction, for peace, cooperation and development; propose that the WTO continue to reform strongly and substantially to affirm its role as the foundation of a transparent and fair multilateral trading system, ensuring practical benefits and efficiency for countries, especially developing and underdeveloped countries, including Vietnam; the WTO reform process needs to ensure a balance of rights and obligations, in accordance with the development level and implementation capacity of members, especially developing members with low levels and underdeveloped; leaving no one behind, especially the disadvantaged.
The Prime Minister also suggested that the WTO continue to take strong actions to expand the agenda beyond traditional economic and trade issues, including major issues that Vietnam and all other countries are interested in such as e-commerce, artificial intelligence, digital transformation, green transformation... in the context of global trade undergoing rapid and profound changes, towards trade serving sustainable development; promoting a global approach and multilateralism in responding to global issues such as epidemics, climate change, food security...
WTO Director General Ngozi Okonjo-Iweala assessed Vietnam as a success story in socio-economic development - Photo: VGp/Nhat Bac
For his part, WTO Director-General Ngozi Okonjo-Iweala assessed Vietnam as a success story in socio-economic development, as shown by the figures shared by the Prime Minister, especially the great achievements in increasing per capita income and import and export. Vietnam's economy is growing well compared to the global economy, with rapid growth, low inflation, positive fiscal policy, and low wealth gap.
However, the WHO Director General said that Vietnam's success is not widely known in the world; she hopes that the Prime Minister will share Vietnam's experiences and lessons to introduce them more widely to the world, inspiring many other countries.
Sharing about the major pillars and orientations in Vietnam's socio-economic development, foreign affairs and integration, the Prime Minister said that Vietnam is ready to share its experience in implementing its commitments to join the WTO, promoting trade growth and socio-economic development, eliminating hunger and reducing poverty, reducing social inequality and promoting women's empowerment in the economy; coordinating with members to make substantial and effective contributions to WTO activities in the coming time; as well as making efforts to reach consensus on how to handle major remaining issues that the WTO and member countries need to continue to promote.
The Prime Minister hopes that the Director General and the WTO will continue to support and promote cooperation programs and financial and technical support of the WTO to help Vietnam improve the effectiveness of international economic integration and continue to make practical contributions to the activities of the WTO.
The WTO Director-General highly agreed with the Prime Minister's opinions, while emphasizing the role of digital trade and expressing his impression of the rapid growth of the digital economy in Vietnam. The WTO Director-General also shared a number of issues regarding Vietnam's participation at the upcoming G7 Summit; wishing to strengthen cooperation with Vietnam in the fields of digital economic development, e-commerce, green trade, climate change response, negotiation of the Agreement on Fisheries Subsidies, combating illegal fishing (IUU), inclusive development, women's empowerment, etc.
Ha Van
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