WTO Director General hails Viet Nam’s openness, int’l integration

Ambassador Mai Phan Dung, Permanent Representative of Viet Nam to the UN, WTO and other international organizations in Geneva, Switzerland presented his credentials to the WTO Director-General in Geneva, Switzerland, on March 18.

Mai reiterated that Viet Nam consistently maintains its open-door and international integration policy, adding that as an active and responsible member of the WTO, the nation always values and supports the multilateral trade system with the WTO at the core.

The Vietnamese delegation at Geneva will work closely with the WTO Secretariat and other WTO members to fully and effectively implement outcomes of the WTO's 13th Ministerial Conference (MC13) which took place in Abu Dhabi, the UAE from February 26-March 2.

Over 17 years of being a member of the WTO, Viet Nam has seen hallmark economic growth thanks to economic integration into the world, providing strong momentum for further development.

The nation joined the WTO on January 11, 2007, and has evolved into one of the 20 largest trading economies.

Its export value shot up almost eight-fold compared to that in the time of its official entry into the WTO, from US$48 billion in 2007 to US$371.85 billion in 2022.

The disbursed foreign direct investment (FDI) stood at about US$23.18 billion in 2023. While many major economies recorded contraction last year, Viet Nam was a bright spot with a GDP growth rate of 5.05 percent.

The nation's international trade made a 6.6-fold rise since entering the WTO, according to the Ministry of Industry and Trade (MoIT).

In 2023, the Vietnamese economy was valued at US$430 billion while per capita income increased by US$160 from the previous year to US$4,284. The highest GDP growth was recorded in 2022, at over 8 percent./.