Vietnam Rice Exporting Industry

Powerful Essays
BUSINESS ECONOMICS

Vietnam rice exporting industry in WTO

Achievements and the way ahead

GROUP 15

01. Duong Thai Ha

02. Nguyen An Nghia

03. Dam Phuong Thuy

04. Ly Thi Minh Thuy

05. Hoang Huyen Tram

TABLE OF CONTENTS

I. INTRODUCTION

II.THE CURRENT STATUS OF VIETNAM RICE EXPORTING INDUSTRY IN WTO

✓ Vietnam rice industry before joining WTO

✓ Impacts on Vietnam when joining WTO

III.WHAT REMAINS TO APPLY ALL REQUIREMENTS OF WTO

✓ Reduce tas tariffs

✓ Restructure the agricultural industry with focus on the highly competitive commodities Continue apply the export tariffs

✓ Maintain subsidy policies and strengthen ‘green box’ polices

✓ Reform the economics law frame

✓ Open for foreign investment

✓ Equitize Vietnamese enterprises

IV. CONCLUSION

REFERENCE

INTRODUCTION

Since joining the WTO on January 11, 2007, Vietnam’s export turnover has also soared sharply. Vietnam gross domestic product (GDP) reached approximately US$ 120 billion in 2011, 2.3 times higher from 2006 with US$53 billion. GDP per capita was US$1,300, twice as much as in 2006 (US$ 640). Vietnam has also attracted more than 4,000 foreign direct investment (FDI) projects worth over US$114 billion, 4.5 times higher than the target set for the 2006-2010 period. The export turnover is reached USD 71.6 billion, increasing by 25.5% against 2009, of which the domestic economic sector gains USD 32.8 billion, up by 22.7% in 2010. In 2011, the figure is valued at USD 8.3 billion, raising the total export turnover in the first 10 months to USD 78 billion, a year-on-year increase of 34.6%. Joining the WTO has also raised people’s awareness of international integration, which has changed Vietnam’s global position and led to an extensive reworking of a number of the Government’s policies. It is said that 30 percent of administrative procedures have been reduced under

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