Vietnam and the WTO

Vietnam’s National Assembly ratified the country’s accession to the WTO today.  In his closing remarks, after 90.24 percent of the delegates voted in favor, National Assembly Chairman, Nguyen Phu Trong, said that Vietnam’s asscession to the WTO was a political, economic, and social event of great significance.

Vietnam attracted foreign direct investment (FDI) of 5.8 billion USD in 2005, a record high for the past eight years.  And, 2005 couldn't have gone better for foreign entrepreneurs in Vietnam, who reached their highest revenue, 20 billion USD, since the 1997 Asian monetary crisis.

What does this mean?  Vietnam is continuing its advance, and that of Southeast Asia’s, onto the world stage as an attractive place to do business.  The government is making slow and steady improvements to improve and promote the investment climate.  The country offers low labor rates, factories that can produce quality product, and employees demonstrating a strong work ethic.  Vietnam will increasingly become more attractive as a sourcing destination.